Insight

Global upstream M&A: H1 2018 review and outlook

19 July 2018

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19 July 2018

Global upstream M&A: H1 2018 review and outlook

Report summary

Where are all the deals? The oil price is at a multi-year high. Companies are flush with cash. But deal flow hasn't been this threadbare since 2015 – a year in which the oil price closed in on US$30/bbl. Though higher oil prices tend to lead to more upstream M&A, the speed and nature of this year’s price rise has caused uncertainty. Most companies are still operating under a “lower for longer" mantra. Despite the discipline shown in H1, we expect to see more M&A activity in the second half of the year. In this M&A market review and outlook: We analyse global and regional trends in upstream M&A during H1 2018. We look at deal flow, deal spend, peer groups, resource themes and valuations. We highlight what to look out for in the second half of the year.

Global trends
- Valuations
Regional review and outlook
- North America
- North American highlights
- Tight oil
- Unconventional gas
- Heavy oil
- Gulf of Mexico
- Corporate landscape
- Rest of the World
- Rest of the World highlights
- Africa
- Asia and Oceania
- Europe
- Latin America
- Middle East
- Russia and the Caspian
- Corporate landscape
Appendix 1 – additional charts and tables

Tables and charts

This report includes 34 images and tables including:

H1 2018 deals
H1 2018 M&A deal count
H1 2018 M&A deal spend

H1 2018 deal count compared to historical benchmarks
H1 2018 disclosed consideration compared to historical benchmarks (adjusted for Shell-BG)
M&A Half Year
US$500 million transactions H1 2018
Weighted average Implied Long-Term Oil Price vs. Brent oil price vs. deal count
M&A spend by region
Resource traded
M&A spend by deal category
WM 2P reserves traded by region
Net M&A spend by peer group
Net M&A spend – Majors
Net M&A spend by peer group H1 2018
Net M&A spend – Independents (Large/Mid)
Net M&A spend – NOCs
Overseas spend – NOCs by NOC origin
Implied Long-Term Oil Price vs. traditional 'US$ per barrel' metrics
Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
North America deal count by US / Canada
North America deal spend by US / Canada
Value of N.A. deals in Pipeline by Resource
No. of N.A. buyers / sellers in Pipeline
M&A spend – N.A. tight oil by play
M&A spend – N.A. uncons gas by resource type
N.A. spend by peer group – H1 2018
N.A. spend by peer group – H2 2017
Deal count by region
Deal spend by region
Value of ROW deals in Pipeline by resource
No. of ROW buyers / sellers in Pipeline
ROW spend by peer group – H1 2018
ROW spend by peer group – H2 2017