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23 Pages

Global Upstream M&A - 2012 in review, and the outlook for 2013


Global Upstream M&A - 2012 in review, and the outlook for 2013

Report summary

2012 was a year of two halves – a lacklustre H1 giving way to an unprecedented end to the year. As the macroeconomic concerns that spooked investors during the first six months of 2012 eased, upstream M&A, buoyed by strong commodity prices, bounced back. 

What's included?

This report includes 2 file(s)

  • Global Upstream M&A - 2012 in review, and the outlook for 2013 PDF - 1.12 MB 23 Pages, 3 Tables, 41 Figures
  • Global Upstream MandA 2012 in review Data.xls XLS - 401.50 KB

Description

This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Record M&A in 2012
    • A year of two halves
  • Valuation
  • Companies
  • Key Theme 1 – unconventional resources
    • Outlook
    • Outlook
  • Key Theme 3 – Asian NOCs
    • Outlook
  • Key Theme 4 – liquidity in the asset market and the Majors
    • Outlook
  • Outlook – locations
  • Outlook – oil & gas prices
    • Wood Mackenzie expects oil prices to remain above current M&A market valuations, just
    • North American gas supply-demand fundamentals challenge deal economics
    • Oil and gas futures stable year on year
  • Appendix 1 – Additional charts and tables
  • Appendix 2 – Methodology
    • Scope of coverage
    • Implied Long-Term Oil Price Methodology
      • Benefits of the Implied Long-Term Oil Price Methodology
      • M&A Service

In this report there are 44 tables or charts, including:

  • Record M&A in 2012
    • 2012 global Upstream M&A spend by primary deal location and buyer peer group
    • Global Upstream M&A spend by buyer peer group
    • Global Upstream deal count by region
    • 2012 global Upstream M&A spend by primary country, highlighting ten largest deals by value
    • Half-yearly Upstream M&A spend by deal size
    • Half-yearly deal count by region
  • Valuation
    • Weighted average Implied Long-term Oil Price vs. Brent oil price
    • Weighted average ILTOP vs. Brent oil price
    • Implied long-term Henry Hub prices (individual deals)
  • Companies
    • Net M&A spend by company: top 15 buyers and sellers
    • Global Upstream M&A - 2012 in review, and the outlook for 2013: Image 12
  • Key Theme 1 – unconventional resources
    • Annual M&A spend in key unconventional plays
    • Cumulative M&A spend in N American shale plays
    • Annual spend, LNG focused M&A
    • Total resource traded through LNG focused M&A
  • Key Theme 3 – Asian NOCs
    • NOC overseas investment in M&A, by NOC origin
    • Chinese NOC ILTOP trend vs. global market vs. Brent
  • Key Theme 4 – liquidity in the asset market and the Majors
    • Majors acquisitions and disposals
    • Majors gearing vs. 2013-15 projected cash position
    • Large corporate deals vs. Brent and energy stocks
    • Peer group market valuation relative to WoodMac NPV
  • Outlook – locations
    • Global Upstream M&A - 2012 in review, and the outlook for 2013: Image 23
  • Outlook – oil & gas prices
    • Wood Mackenzie Brent oil price forecast
    • Wood Mackenzie Henry Hub and NBP price forecast
    • Brent futures (+ three years) as at start year
    • Henry Hub futures (+ three years) as at start year
    • Henry Hub/Brent price ratio (forward month)
  • Appendix 1 – Additional charts and tables
    • Top ten unconventional resource weighted deals in 2012
    • Top ten NOC acquisitions outside of home country in 2012
    • Top ten Majors disposals in 2012
    • Implied Long-term Oil Price (deal-by-deal) vs. Brent oil price
    • Annual disclosed Upstream M&A expenditure
    • Annual Upstream deal count
    • Asset deals - quarterly disclosed spend
    • Corporate deals - quarterly disclosed spend
    • Resource traded in 2012 by primary region
    • Annual Upstream M&A spend by primary region
    • Monthly deal count by region (3 month trailing average)
    • Monthly deal count outside of North America (3 month trailing average)
    • Disclosed monthly Upstream acquisition expenditure by deal type
    • 2012 acquisitions and disposals by peer group
    • Net A&D by peer group, 2012 vs. 2011
  • Appendix 2 – Methodology
    • Implied Long Term Oil Price vs. Traditional ‘US$ per barrel' Metrics
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