Global upstream M&A: 2016 in review Report

Insight 24 January 2017

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Report summary

Upstream M&A began to recover in 2016; deal count jumped 24% year-on-year, and disclosed spend increased in each successive quarter, crossing US$60 billion in Q4 for only the eighth time on record. But the story was more nuanced than these figures suggest. It was a tale of three markets: North American unconventionals (in particular, the Permian Basin); Russia (geopolitics and privatisation)… and the rest (underpinned by the Majors; accelerating at the end of the year). In this Insight, we provide an in-depth analysis of the global upstream M&A market in 2016, looking at buyers, sellers, regional activity, valuations and more. For more information on the outlook for M&A, see The fear is lifting: global upstream M&A in 2017.

2016 upstream M&A spend by primary deal location and buyer peer group
Valuations
Regional breakdown
Companies
- Net M&A spend by company: top 15 buyers and sellers
Resource Type
- Oil versus gas
- LNG
- Unconventionals
- North American tight oil
- Unconventional gas
- Canada oil sands
- Elsewhere
Monthly / quarterly market trends
Deal type and size
- Corporate deals fall while asset activity bounces
- Deal size
Deal Pipeline
Appendix 1 - Additional charts and tables
Appendix 2 - 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 39 images and tables including:

Global upstream M&A: 2016 in review: Image 2
Weighted average Implied Long-Term Oil Price (deal-by-deal) vs. Brent oil price
Annual upstream M&A deal count, by region

Monthly upstream M&A deal spend, by region
Global upstream M&A: 2016 in review: Image 6
2016 global upstream M&A spend by primary country, highlighting ten largest deals by value
Annual upstream M&A deal spend, by deal type
Monthly upstream M&A deal spend, by deal type
No. of deals in Pipeline by region and resource type
Value of deals in Pipeline by region and resource type
Top 10 unconventional resource weighted deals in 2016
Top NOC acquisitions outside of home country in 2016
Top 10 Majors' disposals in 2016
Annual upstream M&A spend, by buyer peer group
Global upstream M&A: 2016 in review: Image 27
Global upstream M&A: 2016 in review: Image 28
Global upstream M&A: 2016 in review: Image 29
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)
Global upstream M&A: 2016 in review: Image 34
2016 acquisitions and disposals, by peer group
Net A&D, by peer group – 2016 vs. 2015
Global upstream M&A: 2016 in review: Image 8
Global upstream M&A: 2016 in review: Image 9
IOC net spend (adj. for +$10bn deals)
NOC overseas investment in M&A, by NOC origin
Global upstream M&A: 2016 in review: Image 12
Global upstream M&A: 2016 in review: Image 13
North America extended peer group net spend
RoW extended peer group net spend
Resource volume traded
Spend by resource type (oil, gas or mixture)
Annual upstream M&A spend in NA uncons
Annual upstream M&A spend in NA tight oil plays
Valuation band, by spend
Valuation band, by count
Implied Long-Term Oil Price vs. Traditional 'US$ per barrel' Metrics