Insight
Global upstream M&A: half year review 2017 - market loses momentum after blistering start
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.
Table of contents
- The first half in numbers: Q1 leads, Q2 struggles to follow
- Global market ILTOP levels out
-
Corporate activity
- Majors
-
Independents
- Large and Mid Caps (WM Corporate Service)
- Other Public E&Ps
-
Private / Private equity
- North America
- Rest of the World
- NOCs
- Others
-
Regional review and outlook
- H1 2017 deal count compared to historical benchmarks
-
What next for M&A?
- Deal Pipeline still full, but value contracts
-
Key deals in the Pipeline
- Asset disposal programmes
- Special Purpose Acquisition Companies (SPACs)
- Appendix 1 – additional charts and tables
Tables and charts
This report includes 35 images and tables including:
- 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 Half Year
- US$500 million transactions H1 2017
- M&A spend by region
- M&A spend by deal category
- Resources traded
- WM 2P reserves traded by region
- Weighted average Implied Long-Term Oil Price vs. Brent oil price vs. deal count
- Net M&A spend by peer group
- H1 2017 net M&A spend by peer group
- Implied Long-Term Oil Price vs. Traditional 'US$ per barrel' Metrics
What's included
This report contains:
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