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Global upstream M&A: H1 2018 review and outlook

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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.

Table of contents

    • Valuations
    • 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

What's included

This report contains:

  • Document

    Global MandA Half Year Review 2018.xls

    XLS 1.23 MB

  • Document

    Global upstream M&A: H1 2018 review and outlook

    PDF 883.63 KB

  • Document

    Global upstream M&A: half year review 2018

    ZIP 1.43 MB

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