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Global Upstream M&A: 2015 in review

Global Upstream M&A: 2015 in review

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 includes 2 file(s)

  • Global Upstream MandA 2015 in review data.xls XLS - 574.00 KB
  • global upstream manda- 2015 in review.pdf PDF - 1.53 MB


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.

  • 2015 overview
  • Regional breakdown
  • Valuation
  • Companies
    • Corporate breakdown
      • Shell/BG
      • Majors
      • Independents
      • NOCs
      • Other buyers
      • Resource type
        • Oil versus gas
        • LNG
        • Unconventionals
          • North American tight oil
          • Unconventional gas
          • Canada
          • Elsewhere
          • Quarterly market trends
          • Deal type and size
            • Corporate versus asset spend
            • Deal size
          • Terminated deals
          • Deal Pipeline
          • Appendix 1 – Further reading
          • Appendix 2 – Additional charts and tables
          • Appendix 3 – 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 37 tables or charts, including:

  • 2015 overview
    • 2015 upstream M&A spend by primary deal location and buyer peer group (Shell/BG separate)
  • Regional breakdown
    • 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
  • Valuation
    • Weighted average Implied Long-Term Oil Price (deal-by-deal) vs. Brent oil price
  • Companies
    • 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 +$10bn deals)
    • NOC overseas investment in M&A, by NOC origin
    • Extended peer group net spend 2014
    • Extended peer group spend 2015
    • Resource volume traded
    • Spend by resource type (oil, gas or mixture)
    • Annual M&A spend in NA uncons
    • Annual M&A spend in NA tight oil plays
    • Global Upstream M&A: 2015 in review: Table 1
    • 2013-2015 deal spend, by month
    • Global upstream M&A spend, by deal type
    • Valuation band, by spend
    • Valuation band, by count
    • Top 10 unconventional resource weighted deals in 2015
    • Top NOC acquisitions outside of home country in 2015
    • Top 10 Majors' disposals in 2015
    • Annual upstream M&A spend, by buyer peer group
    • Annual upstream M&A spend, by seller peer group
    • Asset deals – quarterly disclosed spend
    • Corporate deals – quarterly disclosed spend
    • Annual upstream deal count, by primary region
    • Annual upstream M&A spend, by primary region
    • Monthly deal count, by region (3 month trailing average)
    • Monthly deal count outside of North America (3 month trailing average)
    • Disclosed monthly upstream acquisition expenditure, by deal type
    • 2015 acquisitions and disposals, by peer group
    • Net A&D, by peer group – 2015 vs. 2014
    • Implied Long-Term Oil Price vs. Traditional 'US$ per barrel' Metrics
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