Insight

Global upstream M&A: 2016 in review

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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.

What's included

This report contains

  • Document

    Global Upstream MandA 2016 in review data.xls

    XLS 583.50 KB

  • Document

    Global upstream M&A: 2016 in review

    PDF 1.53 MB

  • Document

    Global upstream M&A: 2016 in review

    ZIP 1.69 MB

Table of contents

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

Images

  • 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
  • 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

Tables

  • Top 10 unconventional resource weighted deals in 2016
  • Top NOC acquisitions outside of home country in 2016
  • Top 10 Majors' disposals in 2016

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