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Global upstream M&A: half-year review 2016

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06 July 2016

Global upstream M&A: half-year review 2016

Report summary

Rallied by a resurgent asset market in May and June, deal count was up by nearly a third year-on-year, albeit still well down on the five-year average. Spend of US$41 billion was well down on H1 2015, but up by more than half when excluding Shell-BG. Asset deal activity was strong, though corporate deals fell to a multi-year low. The period finished with June delivering the highest deal count since July 2014. But a note of caution is required: twelve months ago, in our H1 2015 review, we discussed the same optimism that appeared to be returning to the market. But the oil price slid, confidence evaporated and M&A activity growth faltered.

Table of contents

  • Deal activity showing signs of recovery following sluggish start
  • Global market ILTOP drops to low US$70s per barrel
  • Deal Pipeline swelled by would-be acquirers
    • Majors
    • Independents
    • NOCs
    • Private equity
    • North America
      • Tight oil
      • Unconventional gas
      • Heavy Oil
      • Gulf of Mexico
    • Rest of the World
      • Africa
        • Africa Deal Pipeline entries added/updated in H1 2016
      • Asia Pacific
        • Asia Pacific Deal Pipeline entries added/updated in H1 2016
      • Europe
        • Europe Deal Pipeline entries added/updated in H1 2016
      • Latin America
        • Latin America Deal Pipeline entries added/updated in H1 2016
      • Middle East
        • Middle East Deal Pipeline entries added/updated in H1 2016
      • Russia and Caspian
        • Russia and Caspian Deal Pipeline entries added/updated in H1 2016
        • Appendix 1 – additional charts and tables

Tables and charts

This report includes 32 images and tables including:

  • H1 2016 deals
  • Global upstream M&A: half-year review 2016: Image 2
  • Global upstream M&A: half-year review 2016: Image 3
  • Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
  • Global M&A spend vs. Brent Prices
  • N. America gas M&A spend vs. HH gas prices
  • Deals in Pipeline by region/resource
  • Deals in Pipeline by disposals / acquisitions
  • H1 2016 deal count compared to historical benchmarks
  • H1 2016 disclosed consideration (US$ million, adjusted) compare to historical benchmarks
  • Deal count split by North America / ROW
  • Disclosed spend* split by North America / ROW
  • Net M&A spend – Majors
  • Net M&A spend – Independents
  • Net M&A spend – NOCS (domestic and overseas)
  • Overseas acquisitions - NOCs by NOC origin
  • North America deal spend by peer group
  • Deal count by region ex-North America
  • Global upstream M&A: half-year review 2016: Image 21
  • M&A Spend – N.A. tight Oil to end June 2016
  • M&A Spend – N.A. uncon gas to end of June 2016
  • Peer groups as covered in Wood Mackenzie's Corporate Service (Independents – Mid and Large Caps):
  • M&A Half Year
  • US$400 million transactions H1 2016
  • M&A spend by region
  • M&A spend by deal category
  • Resources traded
  • WM 2P reserves traded by region
  • Weighted average Implied Long-Term Oil Price vs. Brent oil price vs. deal count
  • Net M&A spend by peer group
  • H1 2016 net M&A spend by peer group
  • Implied Long-Term Oil Price vs. Traditional 'US$ per barrel' Metrics

What's included

This report contains:

  • Document

    Global MandA Half Year Review 2016.xls

    XLS 1.10 MB

  • Document

    Global upstream M&A: half year review 2016

    PDF 723.54 KB

  • Document

    Global upstream M&A: half year review 2016

    ZIP 1.36 MB

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