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25 Pages

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


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

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?

This report includes 4 file(s)

  • Global Upstream M&A - 2013 in review, and the outlook for 2014 PDF - 3.05 MB 25 Pages, 3 Tables, 34 Figures
  • Global Upstream MandA 2013 in review Data.xls XLS - 461.50 KB
  • DEAL PIPELINE.xls XLS - 272.50 KB
  • DOWNLOAD Global Upstream MandA 2013 in review and the Outlook for 2014.pdf PDF - 1012.73 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.

  • 2013 overview
  • Valuation
    • North American gas deals
  • Companies
    • Net M&A spend by company: top 15 buyers and sellers
  • Key Theme 1 – Corporate strategies
    • 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.
  • Key Theme 2 – Asian NOCs
    • Outlook
  • Key Theme 3 – global LNG supply
    • Outlook
  • Key Theme 4 – unconventional resources
    • 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
  • Appendix 2 – Additional charts and tables
    • Top ten Majors disposals in 2013
    • Implied Long-term Oil Price (deal-by-deal) vs. Brent oil price
  • Appendix 3 – Methodology
    • Scope of coverage
    • Implied Long-Term Oil Price Methodology
    • Benefits of the Implied Long-Term Oil Price Methodology

In this report there are 37 tables or charts, including:

  • 2013 overview
    • 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
  • Valuation
    • Weighted average Implied Long-term Oil Price vs. Brent oil price
  • Companies
    • 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
  • Key Theme 1 – Corporate strategies
    • 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
  • 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.
  • Key Theme 2 – Asian NOCs
    • 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
  • Key Theme 3 – global LNG supply
    • Annual spend, LNG focused M&A
    • Total resource traded through LNG focused M&A
  • Key Theme 4 – unconventional resources
    • Annual M&A spend in key NA unconventional plays
    • Cumulative M&A spend in N American shale plays
  • Outlook – locations
    • Global Upstream M&A - 2013 in review, and the outlook for 2014: Image 18
  • Outlook – oil & gas prices
    • Wood Mackenzie Brent oil price forecast
    • Wood Mackenzie Henry Hub and NBP price forecast
  • 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
    • Brent futures (+ three years) as at start year
    • Henry Hub futures (+ three years) as at start year
  • Appendix 1 – Further reading
  • Appendix 2 – Additional charts and 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
    • 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
  • Appendix 3 – Methodology
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