Insight

Global Upstream M&A: 2015 in review

12 January 2016

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12 January 2016

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.

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

Tables and charts

This report includes 36 images and tables including:

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