Global upstream M&A: half-year review 2016
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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.
What's included
This report contains
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
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Corporate activity
- Majors
- Independents
- NOCs
- Private equity
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Regional review and outlook
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North America
- Tight oil
- Unconventional gas
- Heavy Oil
- Gulf of Mexico
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Rest of the World
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Africa
- Africa Deal Pipeline entries added/updated in H1 2016
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Asia Pacific
- Asia Pacific Deal Pipeline entries added/updated in H1 2016
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Europe
- Europe Deal Pipeline entries added/updated in H1 2016
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Latin America
- Latin America Deal Pipeline entries added/updated in H1 2016
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Middle East
- Middle East Deal Pipeline entries added/updated in H1 2016
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Russia and Caspian
- Russia and Caspian Deal Pipeline entries added/updated in H1 2016
- Appendix 1 – additional charts and tables
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Africa
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North America
Tables and charts
This report includes 32 images and tables including:
Tables
- Peer groups as covered in Wood Mackenzie's Corporate Service (Independents – Mid and Large Caps):
- M&A Half Year
- US$400 million transactions H1 2016
Images
- H1 2016 deals
- Global upstream M&A: half-year review 2016: Image 2
- Global upstream M&A: half-year review 2016: Image 3
- Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
- Global M&A spend vs. Brent Prices
- N. America gas M&A spend vs. HH gas prices
- Deals in Pipeline by region/resource
- Deals in Pipeline by disposals / acquisitions
- H1 2016 deal count compared to historical benchmarks
- H1 2016 disclosed consideration (US$ 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
- 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
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