Insight
Global Upstream M&A: 2015 in review
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Report summary
Upstream M&A was put on hold in 2015 as the oil price stayed "lower-for-longer". Deal count fell 40% year-on-year. Shell's US$82 billion acquisition of BG was memorable, but easily outstripped the disclosed spend on every other deal combined. In this Insight, we provide an in-depth analysis of the global upstream M&A market in 2015, looking at buyers, sellers, regional activity, valuations and more. For an explanation of why we think the upstream M&A market will recover this year, see upstream M&A: 2016 outlook.
What's included
This report contains
Table of contents
- 2015 overview
- Regional breakdown
- Valuation
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Companies
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Corporate breakdown
- Shell/BG
- Majors
- Independents
- NOCs
- Other buyers
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Resource type
- Oil versus gas
- LNG
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Unconventionals
- North American tight oil
- Unconventional gas
- Canada
- Elsewhere
- Quarterly market trends
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Deal type and size
- Corporate versus asset spend
- Deal size
- Terminated deals
- Deal Pipeline
- Appendix 1 – Further reading
- Appendix 2 – Additional charts and tables
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Appendix 3 – Methodology
- Scope of coverage
- Implied Long-Term Oil Price Methodology
- Benefits of the Implied Long-Term Oil Price Methodology
- M&A Service
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Corporate breakdown
Tables and charts
This report includes 36 images and tables including:
Images
- 2015 upstream M&A spend by primary deal location and buyer peer group (Shell/BG separate)
- Annual global upstream M&A deal count, by region
- Monthly global upstream deal count, by region
- Movement in regional M&A spend, year-on-year
- 2015 global upstream M&A spend by primary country, highlighting ten largest deals by value
- Weighted average Implied Long-Term Oil Price (deal-by-deal) vs. Brent oil price
- Net M&A spend by company: top 15 buyers and sellers
- Global Upstream M&A: 2015 in review: Image 9
- IOC net spend (adj. for +$10bn deals)
- NOC overseas investment in M&A, by NOC origin
- Extended peer group net spend 2014
- Extended peer group spend 2015
- Resource volume traded
- Spend by resource type (oil, gas or mixture)
- Annual M&A spend in NA uncons
- Annual M&A spend in NA tight oil plays
- 2013-2015 deal spend, by month
- Global upstream M&A spend, by deal type
- Annual upstream M&A spend, by buyer peer group
- Annual upstream M&A spend, by seller peer group
- Asset deals – quarterly disclosed spend
- Corporate deals – quarterly disclosed spend
- Annual upstream deal count, by primary region
- Annual upstream M&A spend, by primary region
- Monthly deal count, by region (3 month trailing average)
- Monthly deal count outside of North America (3 month trailing average)
- Disclosed monthly upstream acquisition expenditure, by deal type
- 2015 acquisitions and disposals, by peer group
- Net A&D, by peer group – 2015 vs. 2014
- Valuation band, by spend
- Valuation band, by count
- Implied Long-Term Oil Price vs. Traditional 'US$ per barrel' Metrics
Tables
- Global Upstream M&A: 2015 in review: Table 1
- Top 10 unconventional resource weighted deals in 2015
- Top NOC acquisitions outside of home country in 2015
- Top 10 Majors' disposals in 2015
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