Insight
M&A market update: Q3 2018 – big deals drive soaring spend
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
While deal activity ticked up in Q3, disclosed spend surged to US$37 billion on the back of two blockbuster deals: BP acquiring most of BHP's Lower 48 portfolio for US$10.5 billion, and Diamondback paying US$9.3 billion for fellow Permian pure-play Energen. Though deal flow remained mostly unremarkable, the North Sea recorded the highest number of announced deals in a quarter since 2012. Brent ended the period above US$80/bbl – its highest point since late 2014 – but valuations suggest that buyers are largely remaining disciplined. This Insight contains a snapshot of high-level trends in the upstream M&A market, and a summary of major deal activity – both announced and rumoured – during Q3 2018. In this M&A market update: a review of upstream M&A trends; a summary of the quarter’s biggest announced deals; commentary on the current Deal Pipeline (potential/rumoured deals)
Table of contents
- The quarter in brief
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Announced deals
- Trends
- Key themes
- Valuations
- Headline deals: announced
- North America
- Rest of the World
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Deal Pipeline: September 2018
- Headline additions
- Notable updates
- Appendix
Tables and charts
This report includes the following images and tables:
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Weighted average Implied Long-Term Oil Price vs. deal count vs. Brent oil priceCount of deals in Pipeline by region/resource ~~ Value of deals in Pipeline by region/resourceMonthly spread between Brent and the Implied Long-Term Oil Price vs. deal count vs. deal spend
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Quarterly deal count North America vs. RoW ~~ Quarterly deal spend* North America vs. RoW~~ North American deal spend by resource ~~~~~~ RoW deal spend* by asset location ~~~~~ Quarterly deal count by region RoW ~~~~~~~ Quarterly deal spend* by region RoW ~~~Implied Long-Term Oil Price (deal by deal) vs. Brent oil priceGlobal M&A – Q3 2018
What's included
This report contains:
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