Insight
Global upstream M&A: 2019 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 collapsed in 2019. Deal volumes plunged 36% year-on-year to their lowest level in almost two decades. Despite this, aggregate disclosed deal spend jumped 20% to US$129 billion. The apparent paradox is explained at least in part by Occidental’s monumental acquisition of Anadarko, which alone accounted for 40% of deal spend. But there were other highlights, as disposals by the Majors and retrenching US Large Caps opened opportunities for regional Independents and NOCS. This Insight contains a summary of high-level trends and major deals in the upstream M&A market during 2019. We also highlight things to watch for in 2020, referencing key potential transactions currently in our Deal Pipeline.
Table of contents
- Executive Summary
- Global Trends
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Valuations
- Valuations edged down
- US corporate deal prices reflect weak equity market valuations
- Regional differences continue to highlight local demand-supply dynamics
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2019 Corporate highlights
- Majors
- Total boosts growth with opportunistic buys
- Eni scales up in Norway via Vår Energi
- Equinor increases exposure to existing assets
- Shell boosts resource base in Russia
- Chevron continues to high-grade
- BP nears US$10 billion disposal target
- EuroMajors offload non-core US uncons
- 21 more item(s)...
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Regional review and outlook
- North America
- Market sentiment dampens activity
- Tight oil growth slowdown hits M&A market
- Anadarko deal was all about tight oil
- Corporate mergers struggling to impress investors
- Gulf of Mexico: a buyers’ market
- Canadian M&A plummets
- Domestic issues provide challenging M&A backdrop
- 10 more item(s)...
Tables and charts
This report includes the following images and tables:
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FY 2019 dealsGlobal deal count
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Global deal spendImplied Long-Term Oil Price (deal by deal) vs. Brent oil price2019 upstream M&A spend by primary deal location and buyer peer groupGlobal deal countGlobal deal spendMajors: disclosed A&D consideration, by companyMajors: total resource traded, by primary resourceCorporate Service cos: A&D spend by primary regionCorporate Service cos: Total resource traded, by primary resource theme
- 18 more item(s)...
What's included
This report contains:
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