Insight
Global upstream M&A: 2022 review and outlook
Report summary
Global upstream M&A activity seemed to have the bit between its teeth in late 2021. We expected that market buoyancy would continue in 2022. But geopolitics and macroeconomics conspired to deliver uncertainty, volatility and a slow down in deal activity. Nonetheless, there's still plenty to discuss among the 215 deals, worth US$88 billion, which were agreed. Oil was still a focal point globally, despite US shale gas' continued renaissance. The Permian remained the premier tight oil play, though spend in the Bakken doubled. Europe held its position as the busiest area outside North America, but Africa was the only region which saw deal activity increase.
Table of contents
-
2023 look ahead
- Global deal count
- Global deal spend
- Implied prices have crept up but remain will below spot prices
- Valuations are variable, but the UK market looks weak
- Private vs public – where’s the value?
- Gas inflation
-
Thematic highlights
- Euro Majors – transitioning via acquisitions and divestitures
- North America – diverging strategies
- Private equity – cashing in, and still investing
-
The Majors
- BP
- Chevron
- Eni
- ExxonMobil
- Equinor
- Shell
- TotalEnergies
-
Corporate Service Large / Mid Caps
- As buyers
- As sellers / targets
-
Other Public E&Ps
- As buyers
- As Sellers / targets
-
Private / Private Equity
- As buyers
- As sellers / targets
-
State-owned entities (SOEs), including NOCs
- As sellers
-
North America
- United States
- Tight oil
- Unconventional gas
- US Gulf of Mexico
- Canada
-
Rest of the World
- Europe
- Asia Pacific
- Africa
- Latin America
- Middle East
- Russia and the Caspian
Tables and charts
This report includes 35 images and tables including:
- FY 2022 deals
- 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
- 2022 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
- IOCs: A&D spend by primary region
- IOCs: total resource traded, by primary resource
- Largest net buyers and sellers
- Regional deal count
- Regional deal spend (adjusted for Shell-BG)
- 2022 global upstream M&A spend by primary country, highlighting ten largest deals by volume
- 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
- 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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