Oil & Gas Quarterly Deals Analysis: M&A and Investment Trends Q1 2013

Transcription

1 Oil & Gas Quarterly Deals Analysis: M&A and Investment Trends Q1 Reference Code: GDGE0387QD Publication Date: April Independent Energy Research Quarterly Deal Trends and Analysis Number of Deals, Q Q1 Deal Activity Decreased in the Oil & Gas Industry in Q1 OIL & GAS INDUSTRY, DEAL SUMMARY No. of Deals Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Mar-13 Jan-13 Q Q Q Q Q1 Deal Volume Last Five Quarters Q1 Number of Deals by Sectors Upstream Equipment & Services Midstream Downstream Q1 Q No. of Deals Q1 Number of Deals by Region No. Of Deals Feb-13 The oil & gas industry registered a decrease of XX% in the number of deals and XX% in deal value with XX deals worth US$XX billion in Q1, as compared to XX deals worth US$XX billion in Q On a year-on-year basis, the number of deals decreased XX% from XX in Q to XX in Q1. The upstream energy sector registered a significant decrease in the number of deals and deal value with XX deals worth US$XX billion in Q1, as compared to XX deals worth US$XX billion in Q North America, Europe and Asia-Pacific registered a decrease in the number of deals from XX, XX and XX in Q to XX, XX and XX respectively in Q1. Tudor, Pickering topped the M&A financial advisory table by participating in XX transactions worth US$XX billion in the oil & gas industry between Q and Q1. The average cost (US$) of production per barrel of oil equivalent per day (boed) incurred by companies for the acquired upstream assets/companies decreased from US$XX per boe of daily production in Q to US$XX per boe of daily production in Q1. The average deal implied value for XXP reserves decreased from US$XX in Q to US$XX in Q1, and average deal implied value for XXP reserves decreased from US$XX in Q to US$XX in Q1. North America Asia-Pacific Europe Rest Of The World Q Q1 Upstream Acquisition & Asset Deals Implied Value Average Q Q1 US$ per boe daily production US$ per 1P US$ per 2P Note: Deals include all announced oil & gas deals GDGE0387QD / Published APR Page 1

2 1 Table of Contents 1 Table of Contents List of Tables List of Figures Oil & Gas Industry, Global, Deals Summary Oil & Gas Industry, Global, Deals Analysis, Q Oil & Gas Industry, Global, Number of Deals by Type, Q Oil & Gas Industry, Global, Top Deals, Q Oil & Gas Industry, Global, Top Deal Makers, Q Oil & Gas Industry, Global, Deals Summary, by Type Oil & Gas Industry, Global, Asset Transactions, Q Top Asset Transactions in Q Oil & Gas Industry, Global, Asset Transactions, Number of Deals by Asset Location, Q Q Oil & Gas Industry, Global, Asset Transactions, Deal Values (US$ MM) by Asset Location, Q Q Oil & Gas Industry, Global, Mergers and Acquisitions, Q Top M&A Deals in Q Oil and Gas Industry, Global, Domestic- Cross Border Acquisition Deals, Q Oil and Gas Industry, Global, Acquisitions, Domestic Cross Border Transaction Values (US$ MM), Q Oil & Gas Industry, Global, Upstream M&A And ATs, Conventional vis-a-vis Unconventional, Q Oil & Gas Industry, Global, Acquisitions By Acquirer Type, Number of Deals (%) / Deal Value (%), Q Oil & Gas Industry, Global, Acquisition By Acquirer Location, Number of Deals (%), Q Oil & Gas Industry, Global, Equity Offerings, Q Top IPOs in Q Top Secondary Offerings in Q Top PIPE Deals in Q Oil & Gas Industry, Global, Debt Offerings, Q Oil & Gas Industry, Top Public Debt Offerings in Q Oil & Gas Industry, Top Private Debt Placements in Q Oil & Gas Industry, Global, Private Equity and Venture Capital, Q Top PE/VC Deals in Q Oil & Gas Industry, Global, Top PE/VC Firms, Q Q Oil & Gas Industry, Global, Partnerships, Q Partnership Deals in Q Oil & Gas Industry, Global, M&A Financial Analysis Oil & Gas Industry, Global, Acquisitions, Average Deal Value versus Median Deal Value, Q Q Oil & Gas Industry, Global, Acquisitions, Average Price Earnings (PE) of Acquired Companies, Q Q Oil & Gas Industry, Global, Acquisitions, Average EV/EBITDA of Acquired Companies, Q Q Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Operating Profit (DV/OP), Q Q Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share (Avg. DVPS) versus Average Market Price Per Share (MPPS), Q Q Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share (DVPS) versus Average Book Value Per Share (BVPS), Q Q Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Sales (DV/Sales), Q Q Oil & Gas Industry, Global, Deals Summary, by Sector Upstream Oil & Gas Deals, Global, Q Upstream Energy Deals of the Quarter Upstream Oil & Gas, Global, Acquisitions and Asset Purchase Deals Multiples, Q Q Upstream Oil & Gas, Deal Multiples, by Geography GDGE0387QD / Published APR Page 2

3 6.3.1 North America, Upstream Acquisitions and Asset Transaction Multiples, Q Q Europe, Upstream Acquisitions and Asset Transaction Multiples, Q Q Asia-Pacific, Upstream Acquisitions and Asset Transactions Multiples, Q Q Rest of the World, Upstream Acquisitions and Asset Transaction Multiples, Q Q Midstream Oil & Gas Deals, Global, Q Midstream Energy Deals of the Quarter Downstream Oil & Gas Deals, Global, Q Downstream Energy Deals of the Quarter Equipment and Services Oil & Gas Deals, Global, Q Equipment and Services Deals of the Quarter Oil & Gas Industry, Deals Summary, by Geography Oil & Gas Industry, North America Deals, Q North America Deals of the Quarter Oil & Gas Industry, North America, Acquisitions and Asset Transactions Multiples, Q Q Oil & Gas Industry, Europe Deals, Q Europe Deals of the Quarter Oil & Gas Industry, Asia-Pacific Deals, Q Asia-Pacific Deals of the Quarter Oil & Gas Industry, Rest of the World Deals, Q Rest of the World Deals of the Quarter Oil & Gas Industry, Global, Top Advisors Oil & Gas Industry, Global, Top Financial Advisors, M&A, Q Q Oil & Gas Industry, Global, Top Financial Advisors, Equity Offerings, Q Q Oil & Gas Industry, Global, Top Financial Advisors, Debt Offerings, Q Q Appendix Further Information Methodology About GlobalData Contact Us Disclosure information Disclaimer GDGE0387QD / Published APR Page 3

4 1.1 List of Tables Table 1: Oil & Gas Industry, Global, Deals Summary, Number of Deals and Deal Values (US$ MM), Q Q Table 2: Oil & Gas Industry, Global, Deals By Type, Deals (Number and %), Q Table 3: Oil & Gas Industry, Global, Top Deals, Q Table 4: Oil & Gas Industry, Global, Top Deal Makers, Number of Deals and Deal Values (US$ MM), Q Table 5: Oil & Gas Industry, Global, Asset Transactions, Deals Summary, Number of Deals and Deal Values (US$ MM), Q Q Table 6: Oil & Gas Industry, Global, Top Asset Transactions, Q Table 7: Oil & Gas Industry, Global, M&A, Deals Summary, Number of Deals and Deal Values (US$ MM), Q Q Table 8: Oil & Gas Industry, Global, Top M&A Deals, Q Table 9: Oil and Gas Industry, Global, Domestic Cross Border Acquisitions, Number of Deals, Q Q Table 10: Oil and Gas Industry, Global, Acquisitions, Domestic Cross Border Transactions Values (US$ MM), Q Q Table 11: Oil & Gas Industry, Global, Equity Offerings, Deals Summary, Number of Deals and Deal Values (US$ MM), Q Q Table 12: Oil & Gas Industry, Global, Top IPOs, Q Table 13: Oil & Gas Industry, Global, Top Secondary Offerings, Q Table 14: Oil & Gas Industry, Global, Top PIPE Deals, Q Table 15: Oil & Gas Industry, Global, Debt Offerings, Deals Summary, Number of Deals and Deal Values (US$ MM), Q Q Table 16: Oil & Gas Industry, Global, Top Public Debt Offerings, Q Table 17: Oil & Gas Industry, Global, Top Private Debt Placements, Q Table 18: Oil & Gas Industry, Global, PE/VC, Deals Summary, Number of Deals and Deal Values (US$ MM), Q Q Table 19: Oil & Gas Industry, Global, Top PE/VC Deals, Q Table 20: Oil & Gas Industry, Global, Top PE/VC Firms, Number of Deals and Deal Value (US$ MM), Q Q Table 21: Oil & Gas Industry, Global, Partnerships, Deals Summary, Q Q Table 22: Oil & Gas Industry, Global, Acquisitions, Average Deal Value versus Median Deal Values, (US$ MM), Q Q Table 23: Oil & Gas Industry, Global, Acquisitions, Average PE of Acquired Companies, Q Q Table 24: Oil & Gas Industry, Global, Acquisitions, Average EV/EBITDA of Acquired Companies, Q Q Table 25: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Operating Profit, Q Q Table 26: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share versus Average Market Price Per Share, Q Q Table 27: Oil & Gas Industry, Global, Acquisitions, Average Deal Value per Share versus Average Book Value per Share, Q Q Table 28: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Sales, Q Q1. 43 Table 29: Upstream Oil & Gas, Global, Deals Summary, Number of Deals and Deal Values (US$ MM), Q Q Table 30: Upstream Oil & Gas, Global, Acquisitions and Asset Transaction Multiples, Q Q Table 31: Oil & Gas Industry, North America, Upstream Acquisitions and Asset Transaction Multiples, Q Q Table 32: Oil & Gas Industry, Europe, Upstream Acquisitions and Asset Transaction Multiples, Q Q Table 33: Oil & Gas Industry, Asia-Pacific, Upstream Acquisitions and Asset Transaction Multiples, Q Q Table 34: Oil & Gas Industry, Rest of the World, Upstream Acquisitions and Asset Transactions Multiples, Q Q Table 35: Midstream Oil & Gas, Global, Deals Summary, Number of Deals and Deal Values (US$ MM), Q Q Table 36: Downstream Oil & Gas, Global, Deals Summary, Number of Deals and Deal Value (US$ MM), Q Q GDGE0387QD / Published APR Page 4

5 Table 37: Equipment and Services Oil & Gas, Global, Deals Summary, Number of Deals and Deal Value (US$ MM), Q Q Table 38: Oil & Gas Industry, North America, Deals Summary, Number of Deals and Deal Value (US$ MM), Q Q Table 39: Oil & Gas Industry, North America, Acquisitions and Asset Transaction Multiples, Q Q Table 40: Oil & Gas Industry, Europe, Deals Summary, Number of Deals and Deal Value (US$ MM), Q Q Table 41: Oil & Gas Industry, Asia-Pacific, Number of Deals and Deal Values (US$ MM), Q Q Table 42: Oil & Gas Industry, Rest of the World, Number of Deals and Deal Values (US$ MM), Q Q Table 43: Oil & Gas Industry, Global, Top Financial Advisors, M&A, Number of Deals and Deal Values (US$ MM), Q Q Table 44: Oil & Gas Industry, Global, Top Financial Advisors, Equity Offerings, Number of Deals and Deal Values (US$ MM), Q Q Table 45: Oil & Gas Industry, Global, Top Financial Advisors, Debt Offerings, Number of Deals and Deal Values (US$ MM), Q Q Table 46: Oil & Gas Industry, Deals Key Financials, Global Acquisitions And Private Equity Deals, Q Q GDGE0387QD / Published APR Page 5

6 1.2 List of Figures Figure 1: Oil & Gas Industry, Global, Number of Deals and Deal Values (US$ MM), Q Q1. 8 Figure 2: Oil & Gas Industry, Global, Number of Deals by Type (%), Q Figure 3: Oil & Gas Industry, Global, Asset Transactions, Number of Deals and Deal Values (US$ MM), Q Q Figure 4: Oil & Gas, Global, Asset Transactions, Number of Deals by Asset Location, Q Q Figure 5: Oil & Gas, Global, Asset Transactions, Deal Values (US$ MM) by Asset Location, Q Q Figure 6: Oil & Gas Industry, Global, M&As, Number of Deals and Deal Values (US$ MM), Q Q Figure 7: Oil and Gas Industry, Global, Number of Deals by Domestic Cross Border Acquisitions, Q Q Figure 8: Oil and Gas Industry, Global, Acquisitions, Domestic Cross Border Transactions Values (US$ MM), Q Q Figure 9: Oil & Gas Industry, Global, Upstream M&A And ATs, Number Of Deals And Deal Values, Conventional vis-a-vis Unconventional, Q Figure 10: Oil & Gas Industry, Global, Acquisitions By Acquirer Type, Number of Deals (%) & Deal Value (%), Q Figure 11: Oil & Gas Industry, Global, Acquisition By Acquirer Location, Number of Deals (%), Q Figure 12: Oil & Gas Industry, Global, Equity Offerings, Number of Deals and Deal Values (US$ MM), Q Q Figure 13: Oil & Gas Industry, Global, Debt Offerings, Number of Deals and Deal Values (US$ MM), Q Q Figure 14: Oil & Gas Industry, Global, PE/VC, Number of Deals and Deal Values (US$ MM), Q Q Figure 15: Oil & Gas, Global, Top PE/VC Firms, Number of Deals and Deal Values (US$ MM), Q Q Figure 16: Oil & Gas Industry, Global, Partnerships, Q Q Figure 17: Oil & Gas Industry, Global, Acquisitions, Average Deal Value versus Median Deal Value, (US$ MM), Q Q Figure 18: Oil & Gas Industry, Global, Acquisitions, Average PE of Acquired Companies, Q Q Figure 19: Oil & Gas Industry, Global, Acquisitions, Average EV/EBITDA of Acquired Companies, Q Q Figure 20: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Operating Profit, Q Q Figure 21: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share versus Average Market Price Per Share, Q Q Figure 22: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share versus Average Book Value Per Share, Q Q Figure 23: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Sales, Q Q1. 43 Figure 24: Upstream Oil & Gas, Global, Number of Deals and Deal Values (US$ MM), Q Q Figure 25: Upstream Oil & Gas, Global, Acquisitions and Asset Purchase Deals Multiples, Q Q Figure 26: Midstream Oil & Gas, Global, Number of Deals and Deal Values (US$ MM), Q Q Figure 27: Downstream Oil & Gas, Global, Number of Deals and Deal Value (US$ MM), Q Q Figure 28: Equipment and Services Oil & Gas, Global, Number of Deals and Deal Value (US$ MM), Q Q Figure 29: Oil & Gas Industry, North America, Number of Deals and Deal Value (US$ MM), Q Q Figure 30: Oil & Gas Industry, North America, Acquisitions and Asset Transaction Multiples, Q Q Figure 31: Oil & Gas Industry, Europe, Number of Deals and Deal Value (US$ MM), Q Q1 62 Figure 32: Oil & Gas Industry, Asia-Pacific, Number of Deals and Deal Value (US$ MM), Q Q Figure 33: Oil & Gas Industry, Rest of the World, Number of Deals and Deal Values (US$ MM), Q Q GDGE0387QD / Published APR Page 6

7 Figure 34: Oil & Gas Industry, Global, Top Financial Advisors, M&A, Number of Deals and Deal Values (US$ MM), Q Q Figure 35: Oil & Gas Industry, Global, Top Financial Advisors, Equity Offerings, Number of Deals and Deal Values (US$ MM), Q Q Figure 36: Oil & Gas Industry, Global, Top Financial Advisors, Debt Offerings, Number of Deals and Deal Values (US$ MM), Q Q GDGE0387QD / Published APR Page 7

8 2.2 Oil & Gas Industry, Global, Number of Deals by Type, Q1 Figure 2: Oil & Gas Industry, Global, Number of Deals by Type (%), Q1 Asset Transactions Partnerships Equity Offerings PE/VC Debt Offerings M&As Note: Deals include all announced oil & gas deals Figure 2 depicts the percentage representation of each deal type in the number of deals in the oil and gas industry. Asset transactions in the oil and gas industry constituted the largest segment with XX deals, accounting for XX% of the total deals in Q1. In XX place, equity offerings registered XX deals, constituting XX% of the total deals, followed by M&As comprising XX% of the total deals. Asset transactions in the oil and gas industry registered a decrease in the number of deals and deal value with XX deals worth US$XX billion in Q1, as compared to XX deals worth US$XX billion in Q Table 2: Oil & Gas Industry, Global, Deals By Type, Deals (Number and %), Q1 Deal Type Number of Deals % of Deals Asset Transactions Equity Offerings M&As Debt Offerings PE/VC Partnerships Note: Deals include all announced oil & gas deals GDGE0387QD / Published APR Page 10

9 4.1.2 Oil & Gas Industry, Global, Asset Transactions, Number of Deals by Asset Location, Q Q1 Figure 4: Oil & Gas, Global, Asset Transactions, Number of Deals by Asset Location, Q Q1 Canada United Kingdom Other Australia % Norway Colombia United States Indonesia Iraq New Zealand Note: Deals include all announced oil and gas deals, deal values included wherever disclosed Figure 4 shows the percentage representation of asset transactions by asset location in the oil and gas industry. The US recorded the highest number of asset acquisitions by location, accounting for XX% of the total assets sold in the last five quarters, followed by Canada (XX%) and United Kingdom (XX%). Plains Exploration & Production s acquisition of oil and gas fields in the Gulf of Mexico from BP for US$5.XX billion; Global Infrastructure s agreement to acquire midstream assets of Chesapeake Midstream Development for US$XX billion; Sheridan Production s acquisition of conventional oil and gas assets in Permian Basin from SandRidge Energy for US$XX billion; and Tesoro s agreement to acquire Carson Refinery and ARCO Retail Network in US from BP for US$XX billion were some of the high-value asset acquisitions recorded in the US. Phoenix Duvernay Gas s agreement to acquire XX% interest in XX acres in Duvernay Play, West-Central Alberta, from Encana for US$XX billion; Penn West Petroleum s sale of oil and gas assets in Canada for US$XX billion; Enbridge Income Fund s acquisition of XX oil storage assets in Alberta and three renewable power generation assets in Ontario from Enbridge for US$XX billion; and PetroChina s acquisition of XX% interest in a shale gas project in British Colombia from Royal Dutch Shell for US$XX billion were some of the high value deals registered in Canada. GDGE0387QD / Published APR Page 15

10 4.2 Oil & Gas Industry, Global, Mergers and Acquisitions, Q1 Figure 6: Oil & Gas Industry, Global, M&As, Number of Deals and Deal Values (US$ MM), Q Q1 Q Q Q Q Q1 No. of Deals Deal Value (US$ m) Note: Deals include all announced oil & gas deals, deal values included wherever disclosed Figure 6 shows the total number and the value of mergers and acquisitions (M&As) in the oil & gas industry. M&As in the oil and gas industry registered a substantial decrease of XX% in deal value from US$XX billion in Q to US$XX billion in Q1. Such decrease was due to some of the high-value transactions in Q by industry majors such as Rosneft s acquisition of XX% stake in TNK-BP from AAR Consortium for US$XX billion and the remaining XX% stake from BP for US$XX billion; Freeport-McMoRan s agreement to acquire Plains Exploration & Production for US$XX billion and BP s acquisition of XX% stake in Rosneft from Rosneftegaz for US$XX billion. The number of deals also registered a decrease of XX% to XX in Q1, from XX in Q The upstream energy sector registered XX M&A deals worth US$XX billion in Q1. Of the XX deals, XX were registered in conventional segment and XX were registered in the unconventional segment. M&As in the upstream energy sector registered a substantial decrease in the number of deals and deal value with XX deals worth US$XX billion in Q1, as compared to XX deals worth US$XX billion in Q Of the XX deals in Q1, XX deals were registered in the conventional segment and XX deals were registered in the unconventional segment. M&As in the equipment and services sector also registered a significant decrease in deal value from US$XX billion in Q to US$XX billion in Q1. The large difference in deal value was due to some of the high value deals in Q such as Ecolab s agreement to acquire Champion Technologies and CorsiTech from Permian Mud Service for $XX billion, Boskalis Westminster s all cash voluntary public offer to acquire Dockwise, a marine transportation services provider, for US$XX MM, and Fincantieri Oil & Gas s acquisition of XX% stake in STX OSV, a shipbuilding company, from STX Europe for US$XX MM. The number of deals also recorded a decrease to XX in Q1 from XX in Q M&A transactions in North America accounted for XX deals - XX% of the total deals, followed by Europe with XX deals - XX% of the deals. In terms of deal values, North America led with US$XX billion - XX% of the total deal value, followed by Europe with US$XX billion - XX% of the deal value. GDGE0387QD / Published APR Page 17

11 Table 7: Oil & Gas Industry, Global, M&A, Deals Summary, Number of Deals and Deal Values (US$ MM), Q Q1 Quarter Number of Deals Deal Value (US$ MM) Q Q Q Q Q1 Note: Deals include all announced oil & gas deals, deal values included wherever disclosed GDGE0387QD / Published APR Page 18

12 Oil & Gas Industry, Global, Top PE/VC Firms, Q Q1 Figure 15: Oil & Gas, Global, Top PE/VC Firms, Number of Deals and Deal Values (US$ MM), Q Q1 Riverstone Holdings LLC EnCap Investments L.P. Main Street Capital Corporation KKR & Co. L.P. White Deer Energy L.P. Deal Value (US$ m) No. of Deals Note: Deals include all announced oil & gas deals with disclosed deal values; Deal values cover the full value of a given deal Figure 15 shows the top PE/VC firms that financed the oil & gas companies between Q and Q1. Riverstone Holdings LLC topped the PE/VC rankings by participating in XX financing deals worth US$XX billion between Q and Q1. EnCap Investments L.P. was ranked XX with XX deals worth US$XX MM. Table 20: Oil & Gas Industry, Global, Top PE/VC Firms, Number of Deals and Deal Value (US$ MM), Q Q1 Firm Number of Deals Deal Value (US$ MM) Riverstone Holdings LLC EnCap Investments L.P. Main Street Capital Corporation KKR & Co. L.P. White Deer Energy L.P. Note: Deals include all announced oil & gas deals with disclosed deal values; Deal values cover the full value of a given deal GDGE0387QD / Published APR Page 34

13 5 Oil & Gas Industry, Global, M&A Financial Analysis 5.1 Oil & Gas Industry, Global, Acquisitions, Average Deal Value versus Median Deal Value, Q Q1 Figure 17: Oil & Gas Industry, Global, Acquisitions, Average Deal Value versus Median Deal Value, (US$ MM), Q Q1 (US$ MM) Q Q Q Q Q1 Average Deal Value Median Deal Value Note: Includes all acquisitions and private equity deals where deal values are disclosed Figure 17 shows the average deal value and median deal value in acquisitions and private equity (PE) deals between Q and Q1. The average deal value in acquisitions and private equity deals registered a decrease from US$XX MM in Q to US$XX MM in Q1. The average median deal value registered a decrease from US$XX MM in Q to US$XX MM in Q1. The average deal value was high in Q due to the high-value transaction of Rosneft s acquisition of TNK-BP in XX separate transactions, XX% stake from AAR Consortium for US$XX billion and the remaining XX% stake from BP for US$XX billion. Table 22: Oil & Gas Industry, Global, Acquisitions, Average Deal Value versus Median Deal Values, (US$ MM), Q Q1 Quarter Average Deal Value (US$ MM) Median Deal Value (US$ MM) Q Q Q Q Q1 Note: Average deal value and median deal values are computed by considering all acquisitions / private equity deals with disclosed deal values GDGE0387QD / Published APR Page 37

14 10 Further Information 10.1 Methodology Deals include all announced Oil & Gas deals, deal values included wherever disclosed. Deals covered are financings by, purchases by, partnerships with and acquisitions of Oil & Gas companies. Deals include mergers, acquisitions, private equity investments, venture financings, equity offerings, debt offerings, major asset purchases, and partnerships (including joint ventures, co-marketing and licensing agreements). Deals coverage includes Oil & Gas deals including upstream, midstream, downstream, and oil & gas equipment and services. Average multiples for production and reserves (US$ per boed (barrels of oil equivalent per day)/1p reserves/2p reserves) are calculated as the deal values divided by total boed/1p reserves/2p reserves wherever disclosed. Data presented in this report is derived from number of reliable sources and is believed to be accurate. Key sources include company press releases, stock exchanges, trade journals and business press. GlobalData has a well developed network of industry contacts which enable us to provide accurate and timely information. GlobalData adheres to the Codes of Practice of the Market Research Society ( and the Strategic and Competitive Intelligence Professionals ( The data and analysis within this report is driven by Oil & Gas etrack Oil & Gas etrack gives you the key information to drive sales, investment and deal making activity in your business. It includes the following information: Oil & Gas information on 100+ countries globally 150,000+ Oil & Gas producing assets All active and planned midstream and refining assets globally In-depth benchmarking for 150 exploration and production companies on 250+ financial and operational parameters 15,000+ Oil & Gas deals over the last 5 years For more information or to receive a free demo of the service, visit About GlobalData GlobalData is a leading provider of global business intelligence including market, competitor, product and customer information. It provides in-depth research, analysis, data and forecasts through a range of interactive online databases, reports and management briefings. GlobalData has a large team of experienced research and analysis, consulting, and marketing experts. It has a global presence, including key offices in the US, Europe and Asia. The group has over 50 years of experience of delivering market intelligence data and analysis and a highly experienced senior management team. Our other products include: GDGE0387QD / Published APR Page 78

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