Insight
M&A market update: Q3 2018 – big deals drive soaring spend
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
-
Announced deals
- Trends
- Key themes
- Valuations
- Headline deals: announced
- North America
- Rest of the World
-
Deal Pipeline: September 2018
- Headline additions
- Notable updates
- Appendix
Tables and charts
This report includes 8 images and tables including:
- Weighted average Implied Long-Term Oil Price vs. deal count vs. Brent oil price
- Count of deals in Pipeline by region/resource ~~ Value of deals in Pipeline by region/resource
- Monthly spread between Brent and the Implied Long-Term Oil Price vs. deal count vs. deal spend
- 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 price
- Global M&A – Q3 2018
What's included
This report contains:
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