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Global Upstream M&A: 2014 in review and what to look for in 2015

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Report summary

Global M&A spend recovered in 2014, rising one-third year-on-year to US$171 billion. Deal count breached 500 for only the second time. But as oil prices collapsed through Q4, so too did M&A activity. Forced asset sales will increase through 2015, creating a buyers’ market. Circumstances are ripe for both defensive and aggressive consolidation. But a sustained recovery in M&A will require an end to the slump in prices, in order that buyers and sellers can recalibrate expectations.

What's included

This report contains

  • Document

    Global Upstream M&A: 2014 in review and what to look for in 2015

    PDF 2.69 MB

Table of contents

Tables and charts

This report includes 42 images and tables including:

Images

  • 2014 global Upstream M&A spend by primary deal location and buyer peer group
  • 2012-2014 deal spend, by month
  • 2012-2014 regional deal count, by month
  • IOCs net spend (adj. for $10bn+ deals)
  • IOCs gearing vs. 2015 breakeven
  • NOC overseas investment in M&A, by NOC origin
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 18
  • Annual M&A spend in NA uncons
  • Annual M&A spend in NA tight oil plays
  • Annual M&A spend on gas assets - by resource type
  • Annual M&A on gas assets - by buyer peer group
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 23
  • Wood Mackenzie Brent oil price forecast
  • Wood Mackenzie Henry Hub and NBP price forecast
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 3
  • Global Upstream M&A spend by deal type
  • Global Upstream deal count by region
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 6
  • 2014 global Upstream M&A spend by primary country, highlighting ten largest deals by value
  • Weighted average Implied Long-term Oil Price vs. Brent oil price
  • Net M&A spend by company: top 15 buyers and sellers
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 10
  • Average Brent price required through 2015 to maintain current net debt (US$/bbl, NPV10)
  • Implied long-term Brent price in current market valuations (US$/bbl, NPV10)
  • Brent futures (+ three years) as at start year
  • Henry Hub futures (+ three years) as at start year
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 28
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 29
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 30
  • 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
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 35
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 36
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 37
  • 2014 acquisitions and disposals by peer group
  • Net A&D by peer group, 2014 vs. 2013
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Image 40

Tables

  • Global Upstream M&A: 2014 in review and what to look for in 2015: Table 1
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Table 2
  • Global Upstream M&A: 2014 in review and what to look for in 2015: Table 3

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