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

  • Document

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

    ZIP 2.53 MB

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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