Global upstream M&A in brief: 2019 archive Report

Insight 08 January 2020

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Report summary

Welcome to the Global upstream M&A in brief 2019. This report provides coverage of notable upstream transactions and potential A&D activity throughout 2019. The report also includes monthly and quarterly market summaries and is supported by an excel download including the year's headline numbers and complementary data. To view our latest rolling coverage for the current year see our Global upstream M&A in brief.

Regional activity
Shell sells Haynesville position
Unlikely outcome for Devon's former crownjewel
Total acquires Block 20 and Block 21, Angola
WPX to acquire Felix Energy for US$2.5 billion
Talos transforms its GoM footprint
Regional activity
Cairn Energy exits Norway
Chevron exits Colombia
ExxonMobil to expand disposal programme
Jadestone Energy acquires New Zealand stake from OMV
GeoPark increases its presence in Colombia
Equinor exits the Eagle Ford
Chevron exits Azerbaijan
Chevron exits the Philippines
Pengrowth Energy taken private as debt burden takes its toll
Regional activity
Shell acquires Brunei deepwater exploration block from Total
Ecopetrol acquires a 30% stake in Gato do Mato from Shell
Parsley and Jagged Peak consolidate in the Permian
Neptune makes US$250 million bolt-on North Sea acquisition
Santos acquires ConocoPhillips' norther Australian portfolio
Good news, bad news on BP disposal programme
Q3 2019 quarterly review
- Regional activity
- Pluspetrol acquires in Peru from SK Innovation
- ExxonMobil exits Norway in US$4.5 billion deal withVår Energi
- Crescent Point exits Uinta
- Callon investor presses company to end Carrizo bid
- Concho sells Northwest Shelf acreage
- Regional activity
- Tullow terminates farm-down agreement with Total and CNOOC Uganda
- BP exits Alaska
- PDC and SRC consolidate in the DJ Basin
- Deal Pipeline – Premier seeks buyer for Zama
- Deal Pipeline – ExxonMobil reportedly seeking UK upstream buyer
- Petrobras sells asset to new operator 3R Petroleum
- Regional activity
- Ecopetrol in Midland Permian tie-up with Oxy
- Asian capital returns to US shale
- Deal Pipeline – Another legacy player up for sale in the North Sea
- Neptune ups its stakes in Kutei Basin
- ConocoPhillips to partner with Wintershall Dea in Vaca Muerta
- Deal Pipeline – Total announces US$5 billion divestment plan
- Petrobras divests upstream assets for US$1.5 billion
- Deal Pipeline – US corporate investment: mixed signals for M&A
- Range Resources divests additional royalty interests
- Deal Pipeline – Amerisur rejects bid from M&P, begins sales process
- Permian pure-play Callon acquires Carrizo for US$3.3 billion
- Total sells UK assets
- Deal Pipeline – Siccar Point considering exit routes
- Equinor sells stake in Lundin Petroleum
- Energean beats competition to acquire Edison’s E&P assets
- Regional activity
- NOVATEK sells stake in Arctic LNG 2 to Mitsui and JOGMEC
- Oil Search exercises US$450 million Alaska option
- Tullow considers Uganda exit
- ExxonMobil looking at Norwegian exit
- OKEA IPO fails to impress
- PTTEP continues its acquisition spree
- Glencore looking to exit Chad
- Comstock consolidates in Haynesville with US$2.25 billion Covey deal
- PGNiG acquires a stake in the King Lear field from Total offshore Norway
- Shell and Gazpromneft sign new 50:50 JV
- LUKOIL enters the Congo: acquires NewAge’s 25% stake in Marine XII for US$800 million
- Dragon Oil makes a splash in Egypt with the acquisition of BP’s GUPCO assets
- Regional activity
- Chevron sells substantially all its UK North Sea assets to Delek
- Devon exits Canada
- Sonatrach to pre-empt Total in Algeria?
- Talos showing interest in Oxy's recently acquired deepwater GoM position
- Total exploring Kashagan farm-down
- Santos enters P’nyang, brings PNG expansion closer
- Equinor pre-empts Delek at Caesar Tonga
- Oxy wins Anadarko race as Chevron withdraws
Anadarko bids lead surge in M&A spend
- Regional activity
- Petrobras sells down to PETRONAS
- Chinese NOCs join NOVATEK in Arctic LNG
- Occidental enters Anadarko race with hostile bid
- Murphy buys GoM assets from LLOG for US$1.4 billion
- Chrysaor buys ConocoPhillips' UK assets for US$2.7 billion
- Chevron buys Anadarko for US$50 billion
- Shell high-grades in deepwater GoM
- Carlyle buys into Cepsa
- ExxonMobil lining up Nigeria sale
- Mime Petroleum enters Norwegian upstream
Q1 2019 quarterly review
- Regional activity
- Diversified diversifies into unconventionals
- Murphy exits Malaysia to PTTEP for US$2.1 billion
- Brigham lining up second run at the Permian
- SM Energy and Carrizo rumoured to be considering tie-up
- Equinor linked with Eagle Ford exit
- Petrobras signals significant uptick in planned disposals
- ExxonMobil 'anticipates' US$15 billion divestments by 2021
- BP's unconventional gas assets onshore US attracting bidders
- INPEX enters US tight oil

Tables and charts

This report includes 34 images and tables including:

December 2019 deal count compared to historical benchmarks
December 2019 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Global M&A – November 2019

November 2019 deal count compared to historical benchmarks
November 2019 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Chevron entitlement production Southeast Asia (kboe/d)
Global M&A – October 2019
October 2019 deal count compared to historical benchmarks
October 2019 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Wood Mackenzie NPV10, including Glengorm upside
M&A regional deal count and global spend
Global M&A – Q3 2019
Global M&A – April 2019
Global M&A – Q1 2019
Q3 2019 deal count compared to historical benchmarks
Q3 2019 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Strategic fit on ExxonMobil's upstream assets
Global M&A – August 2019
August 2019 deal count compared to historical benchmarks
August 2019 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Global M&A – July 2019
July 2019 deal count compared to historical benchmarks
July 2019 disclosed consideration compared to historical benchmarks (adjusted to exclude US$50bn+ megadeals)
Global M&A – June 2019
June 2019 deal count compared to historical benchmarks
June 2019 disclosed consideration compared to historical benchmarks (adjusted for Shell-BG)
Global M&A – May 2019
May 2019 deal count compared to historical benchmarks
May 2019 disclosed consideration compared to historical benchmarks (adjusted for Shell-BG)
April 2019 deal count compared to historical benchmarks
April 2019 disclosed consideration compared to historical benchmarks (adjusted for Shell-BG)
Q1 2019 deal count compared to historical benchmarks
Q1 2019 disclosed consideration compared to historical benchmarks (adjusted for Shell-BG)
BP US Lower 48 production