Insight
Global upstream M&A: 2020 review and outlook
Report summary
Whatever acquisition and divestiture plans companies had coming into 2020, Covid threw them into disarray. Sales processes were shelved or postponed as uncertainty blew out the bid-ask spread. Agreed deals went back to the drawing board. Would-be buyers turned their gazes inward and battened down the hatches to survive. The first half of the year saw less than 50 transactions and US$4 billion in disclosed spend – a record low on both counts. But the nadir passed. In H2, we saw over 100 transactions totalling almost US$60 billion. The great bulk of this resurgent deal value is attributable to a slew of large scale corporate transactions.
Table of contents
- Fewer buyers, more uncertainty and weak equity prices see valuations fall
- US gas valuations still weak
- Contingent payments
-
Key theme: corporate consolidation
- US consolidation
- Canadian consolidation
- Outside of North America
- What’s driving it all?
-
Majors
- Chevron
- Total
- BP
- Equinor
- Shell
- ExxonMobil
- Eni
- Corporate Service Large and Mid Caps
- Other Public E&Ps*
- Private and PE
- NOCs and state-owned entities (SOEs)
-
North America
- US tight oil
- US gas
- US GoM
- Canada
-
Rest of the World
- Europe
- Asia and Oceania
- Africa
- Middle East
- Latin America
- Russia and the Caspian
Tables and charts
This report includes 24 images and tables including:
- Corporate transaction equity premiums
- Largest net buyers and sellers (including corporate takeover targets)
- IOCs: A&D spend by primary region
- IOCs: total resource traded, by primary resource
- North America: disclosed A&D consideration
- Rest of the World: disclosed A&D consideration
- NOCs: A&D disclosed consideration
- NOCs: overseas disclosed spend
- Global deal count
- Global deal spend (adjusted for Shell-BG)
- North America deal count
- North America deal spend
- Rest of the World deal count, by region
- Rest of the World deal spend, by region
- 2020 upstream M&A spend by primary deal location and buyer peer group
- Majors: disclosed A&D consideration, by company
- Majors: total resource traded, by primary resource
- N.A. uncons spend by resource type
- N.A. tight oil spend, by primary play
- Value of N.A deals in Pipeline, by resource theme
- No. of N.A. buyers / sellers in Pipeline
- 2020 global upstream M&A spend by primary country, highlighting ten largest deals by volume
- Value of RoW deals in Pipeline, by resource theme
- No. of RoW buyers / sellers in Pipeline
What's included
This report contains:
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