Q3 M&A Hits US$50 Billion Worldwide In The Upstream Sector

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New analysis in Evaluate Energy’s third quarter M&A review illustrate the impact on deal spending of sustained stronger oil prices and the absence of meaningful intervention by OPEC into supply dynamics. The full report is available to download here.

Q3 saw US$50 billion in new upstream oil and gas M&A deals, representing a 145 per cent increase over Q2 levels and a 78 per cent increase over the same quarter in 2017. In fact, Q3 represents the largest quarterly deal outlay since $67 billion in Q1 2017 — and only the fourth time since the start of 2015 that a quarter saw $50 billion or more in new upstream deals announced.

Source: Evaluate Energy Upstream M&A Review, Q3 2018

As usual, North America saw the bulk of deals announced. Upstream M&A in the U.S. and Canada accounted for over $39 billion, or 79 per cent, of total Q3 global spending.

The continent’s largest deals this quarter included major acquisitions by BP plc and Diamondback Energy Inc. in the U.S.

Husky Energy Inc.’s takeover bid for fellow Canadian oilsands producer MEG Energy Corp. is included in the numbers but of course remains a developing story — see the Daily Oil Bulletin for updates.

Source: Evaluate Energy Upstream M&A Review, Q3 2018

The full Evaluate Energy M&A report, which provides detailed analysis on the largest deals in the U.S., Canada and around the world, is available at this link.

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  • M&A