Name: How to create value through North Sea M&A
Brand: Wood Mackenzie
SKU: 112511
Price: 1350 USD
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Author: Wood Mackenzie

Insight 04 July 2019

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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To inform the buyers of tomorrow, we’ve revisited 55 of the largest North Sea deals announced between 2012 and 2018. We’ve analysed each deal from today’s vantage point to quantify underlying value creation. The high-level results make uncomfortable reading for yesterday's buyers. The aggregate purchase price was US$52 billion. Today, we value these deals at just US$43 billion. The oil price collapse midway through the period obviously played a key role. But there were other factors that linked the good (and the bad) acquisitions. We explore the importance of timing, asset maturity and operatorship to the 'winners' and 'losers'. We use our high-level findings to answer the question of how to create value through North Sea M&A.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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            Executive summary
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        <ul id="677a8cfe-d2a7-4538-9464-36f9cc489fa6" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        The high level results
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    <li class="push-quarter--bottom">
        The correlation between value creation and oil price movements is clear
    </li>
    <li class="push-quarter--bottom">
        Maturity of acquired assets proved to be crucial
    </li>
    <li class="push-quarter--bottom">
        Operators were able to apply the 'acquire and exploit' model
    </li>
    <li class="push-quarter--bottom">
        Corporate strategies define 'winners' and 'losers'
    </li>
    <li class="push-quarter--bottom">
        So how do you create value through North Sea M&A?
    </li>
    <li class="push-quarter--bottom">
        Methodology
    </li>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">North Sea value creation (55 deals, 2012 - 2018, NPV10, 2019 terms)</li><li class="list__item push-quarter--bottom">North Sea value creation v deal announcement year v Brent price (NPV10, 2019 terms)</li><li class="list__item push-quarter--bottom">North Sea value creation by deal asset maturity (2012 - 2018, NPV10, 2019 terms)</li>
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        <ul class="list list--bullets panel-toggle" id="55dd7064daf84c0fb8dc4d0113521edc">
            <li class="list__item push-quarter--bottom">Deals by value creation v production status, consideration (NPV10, 2012 - 2018)</li><li class="list__item push-quarter--bottom">Reserves growth in deals from announcement to today by production status</li><li class="list__item push-quarter--bottom">Value creation (op v non-op deals)</li><li class="list__item push-quarter--bottom">Value creation (UK v Norway deals)</li><li class="list__item push-quarter--bottom">Value creation by peer group (2012 - 2018, NPV10)</li><li class="list__item push-quarter--bottom">Value creation by individual buyer (2012 - 2018, NPV10)</li><li class="list__item push-quarter--bottom">The deals</li>
        </ul>
        
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
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