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Global Upstream M&A - 2013 in review, and the outlook for 2014

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Report summary

Portfolio restructuring remains a strategic priority for many of the big IOCs. Under shareholder scrutiny and nervous about oil prices value over volume is the mantra. The group will remain net sellers in 2014. This should keep the asset market well stocked. Our Deal Pipeline currently contains 270 potential transactions worth a combined US$310 billion. Good news for buyers: the NOCs and SWFs alongside other niche players will continue to underpin the market.

What's included

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  • Document

    Global Upstream MandA 2013 in review Data.xls

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  • Document

    DEAL PIPELINE.xls

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Table of contents

  • 2013 overview
    • North American gas deals
    • Net M&A spend by company: top 15 buyers and sellers
    • Outlook
  • The IOCs are likely to be net sellers again in 2014. A continued focus on value over volume, and on developments rather than acquisitions, will ensure that they maintain a relatively aggressive approach to portfolio high grading. As at start 2014, our Deal Pipeline contained over US$90 billion worth of potential disposals from the Majors, Large and Mid Caps.
    • Outlook
    • Outlook
    • 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 broadly aligned with Wood Mackenzie expectations
  • Appendix 1 – Further reading
    • Top ten Majors disposals in 2013
    • Implied Long-term Oil Price (deal-by-deal) vs. Brent oil price
    • Scope of coverage
    • Implied Long-Term Oil Price Methodology
    • Benefits of the Implied Long-Term Oil Price Methodology

Tables and charts

This report includes 36 images and tables including:

Images

  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 2
  • Global Upstream M&A spend by deal type
  • Global Upstream deal count by region
  • Movement in regional M&A spend, year-on-year
  • 2013 global Upstream M&A spend by primary country, highlighting ten largest deals by value
  • Weighted average Implied Long-term Oil Price vs. Brent oil price
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 10
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 11
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 12
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 13
  • Annual spend, LNG focused M&A
  • Total resource traded through LNG focused M&A
  • Annual M&A spend in key NA unconventional plays
  • Cumulative M&A spend in N American shale plays
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 18
  • 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
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 8
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 9
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 23
  • Annual Upstream M&A spend by buyer peer group
  • Annual Upstream M&A spend by seller peer group
  • Asset deals – quarterly disclosed spend
  • Corporate deals – quarterly disclosed spend
  • Annual Upstream deal count 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
  • 2013 acquisitions and disposals by peer group
  • Net A&D by peer group, 2013 vs. 2012

Tables

  • Top ten unconventional resource weighted deals in 2013
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Table 2
  • Global Upstream M&A - 2013 in review, and the outlook for 2014: Table 3

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