Insight
Global upstream M&A: H1 2019 review and outlook
Report summary
Global upstream M&A in H1 2019 flattered to deceive. Occidental’s US$53 billion acquisition of Anadarko grabbed the headlines – the stare-down with Chevron, the Omaha connection, the pre-emptive disposal of Africa to Total. But a broader malaise saw global deal flow scrape twenty-year lows. Valuations weakened, with the implied long-term oil price averaging US$57/bbl in H1 2019 (vs. US$64/bbl through 2018).
Table of contents
-
Global Trends
- Valuations
-
Regional review and outlook
- North America
- North American highlights
- Tight oil
- Unconventional gas
- Gulf of Mexico
- North America corporate
- Rest of the World
- Africa
- Asia and Oceania
- Europe
- Latin America
- Middle East
- Russia and Caspian
- Rest of the world corporate landscape
- Appendix 1: additional tables and charts
Tables and charts
This report includes 33 images and tables including:
- H1 2019 M&A deal count
- H1 2019 M&A deal spend
- H1 2018 deal count compared to historical benchmarks
- H1 2019 disclosed consideration compared to historical benchmarks (adjusted for Shell-BG)
- M&A H1 2019
- US$200 million transactions H1 2019
- Weighted average Implied Long-Term Oil Price vs. Brent oil price vs. deal count
- M&A spend by region
- M&A spend by deal category
- Resource traded
- WM 2P reserves traded by region
- Net M&A spend by peer group
- Net M&A spend by peer group H1 2019
- Net M&A spend – Majors
- Net M&A spend – Independents (Large/Mid)
- Net M&A spend – NOCs
- Overseas spend – NOCs by NOC origin
- Implied Long-Term Oil Price vs. traditional 'US$ 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 2019
- N.A. spend by peer group – H2 2018
- 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 2019
- ROW spend by peer group – H2 2018
What's included
This report contains:
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