Insight

Global upstream M&A: half year review 2017 - market loses momentum after blistering start

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Report summary

Taken as a whole, the first half of 2017 was a solid period for upstream M&A. Though deal flow fell relative to H2 2016, figures remained robust by historical standards. Valuations largely held firm. But the half-year figures mask two distinct periods. In Q1, deal activity was rampant, particularly in North America: Permania persisted; the Canadians consolidated as international players cashed out. The industry, flush with an OPEC-backed confidence, positioned for (low cost) growth. But animal spirits waned in Q2 – deal count dropped 13% quarter-on-quarter, while spend more than halved. In this Insight, we look at: Recent M&A trends from global, regional, corporate and thematic perspectives Valuations Near-term outlook.

What's included

This report contains

  • Document

    Global MandA Half Year Review 2017.xls

    XLS 1.11 MB

  • Document

    Global upstream M&A: half year review 2017 - market loses momentum after blistering start

    PDF 1.96 MB

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    Global upstream M&A: half year review 2017 - market loses momentum after blistering start

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Table of contents

Tables and charts

This report includes 35 images and tables including:

Images

  • Half-yearly M&A count
  • Half-yearly M&A deal spend
  • Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
  • H1 2017 deals
  • Net M&A spend – Majors
  • Net M&A spend – Independents (WM large / mid caps)
  • Net M&A spend – NOCs (domestic & overseas)
  • Overseas acquisitions – NOCs by NOC origin
  • Global upstream M&A: half year review 2017 - market loses momentum after blistering start: Image 13
  • H1 2017 disclosed consideration compared to historical benchmarks (adjusted for Shell-BG)
  • Deal count split by North America / ROW
  • Disclosed spend split by North America / ROW
  • M&A spend – N.A. tight oil by play
  • M&A spend – N.A. uncons gas by resource type
  • Global M&A spend vs. Brent prices
  • N. America gas M&A spend vs. HH gas prices
  • Deal count by region ex-North America
  • Disclosed spend by region ex-North America
  • Global upstream M&A: half year review 2017 - market loses momentum after blistering start: Image 23
  • Global upstream M&A: half year review 2017 - market loses momentum after blistering start: Image 24
  • Global upstream M&A: half year review 2017 - market loses momentum after blistering start: Image 25
  • Global upstream M&A: half year review 2017 - market loses momentum after blistering start: Image 26
  • North America deal spend by peer group – 1H 2017
  • Net North America M&A spend – Private
  • Net ROW M&A spend – Private
  • 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 2017 net M&A spend by peer group
  • Implied Long-Term Oil Price vs. Traditional 'US$ per barrel' Metrics

Tables

  • M&A Half Year
  • US$500 million transactions H1 2017

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