Insight
Global upstream M&A: 2021 review and outlook
Report summary
Upstream M&A activity rebounded strongly in 2021 after the Covid-induced lows of 2020. Corporate merger fever spread beyond North America, while robust commodity prices supported an increasing volume of asset deals. Yet despite the uplift in activity, valuations remained weak, suggesting power still lies with the buyers. Read on for a deep dive into the key upstream M&A trends of 2021 and deals to expect in 2022.
Table of contents
-
Upstream M&A look ahead
- Global deal count
- Global deal spend
- Deal valuations remain supressed
- What’s going on?
- Contingent p ayments
-
Key theme: corporate consolidation
- Pressures have eased, but more consolidation lies ahead
-
The Majors
- BP
- Chevron
- Eni
- Equinor
- ExxonMobil
- Shell
- TotalEnergies
- Corporate Service Large and Mid Caps
-
Other Public E&Ps
- As buyers
- As sellers / targets
-
Private / Private equity
- As buyers
- As sellers / targets
-
State-Owned Enterprises (including NOCs)
- As buyers
- As sellers
-
North America
- Tight oil
- Unconventional gas
- Gulf of Mexico
- Canada
-
Rest of the World
- Europe
- Asia and Oceania
- Africa
- Middle East
- Latin America
- Russia and the Caspian
Tables and charts
This report includes 41 images and tables including:
- FY 2021 deals
- IOCs: A&D spend by primary region
- IOCs: total resource traded, by primary resource
- North America deal count
- North America deal spend
- Rest of the World deal count, by region
- Rest of the World deal spend, by region
- Global deal count
- Global deal spend
- Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
- Largest net buyers and sellers
- 2021 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
- 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)
- 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
- 2021 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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