Insight
Global upstream M&A: 5 things to look for in 2020
Report summary
In 2019, deal flow collapsed to its lowest level since 2001. There might be a bounce in 2020, but we don't expect a significant uplift – capital discipline should keep a lid on the crucial North American market. The Majors have big disposal targets and we expect the group to be net sellers. Decarbonisation will increasingly influence their divestment strategies. But decarbonisation concerns are one of the factors that will pressure deal valuations. Deal prices will also remain suppressed due to limited buyer demand, though this will vary between locations and by asset type and quality. Europe will remain the most dynamic global hub for M&A.
Table of contents
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Do not expect a big rebound in deal flow in 2020
- Wildcards
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The Majors will be net sellers
- Wildcards
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Emissions become a stronger divestment driver
- Wildcards
- Deal prices remain pressured
- Europe continues to be the most dynamic upstream M&A market
Tables and charts
This report includes 2 images and tables including:
- Implied long-term oil price: Deal-by-deal and annual averages
- Global upstream M&A: annual deal count and disclosed spend
What's included
This report contains:
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