Insight
Global upstream M&A: 2018 in review
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Global upstream M&A activity was weak in 2018. Deal count fell 11% year-on-year and only just squeezed past the 2015 nadir. Disclosed deal spend of US$110 billion was the lowest total since 2004. Late-year volatility in commodity and equity markets was partly to blame. Until the final quarter, M&A activity was on course to be flat year-on-year. But Q4 deal count dropped to its lowest level since Q1 2015. Yet, the year was not without its highlights – corporate consolidation surged; spend on tight oil-focused deals soared; BP transformed its unconventional portfolio, and Shell reached its US$30 billion disposal target. This Insight contains a summary of high-level trends and major deals in the upstream M&A market during 2018. We also highlight things to watch for in 2019, based on key potential transactions currently in our Deal Pipeline.
Table of contents
-
Global trends
- Valuations
-
2018 Corporate highlights
- Majors
- Acquisitions
- Disposals
- Corporate Service Large and Mid Caps
- Acquisitions
- Disposals
- NOCs and State-OwnedEntities (SOEs)
- Other Public E&Ps
- 1 more item(s)...
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Regional review and outlook
- North America
- Capital discipline tempers asset acquisitions
- Tight oil consolidation underpins US activity
- Gulf of Mexico proves an attractive market for buyers
- Canadian consolidation spreads beyond the oil sands
- Rest of the World
- Europe
- Corporate combinations provide standout deals
- 7 more item(s)...
- Appendix 1: Additional tables and charts
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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 the following images and tables:
- FY 2018 deals
- 2018 Global upstream M&A deal count
- 2018 Global upstream M&A deal spend
- 2018 upstream M&A spend by primary deal location and buyer peer group
- Movement in regional M&A deal count
- Movement in regional M&A deal spend
- Deals with disclosed consideration greater than US$1 billion in 2018
- Top ten unconventional resource weighted deals in 2018
- Top ten Majors disposals in 2018
- Annual upstream M&A spend, by buyer peer group
- Annual upstream M&A spend, by seller peer group
- Annual upstream M&A spend, by deal type
- 26 more item(s)...
What's included
This report contains:
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