m&a in global oil & gas sector
TRANSCRIPT
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www.deloitte.com/in
Mergers & Acquisitions
Global Oil & Gas SectorConsolidation & NewAvenues over the landscape
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Contents
Introduction 5
Theregionallandscape:(2008-09and2009-10) 6
Landscapeacrossthevaluechain:(2008-09and2009-10) 8
Somekeytrends 12
Somechallengesgoingforward 13
Contacts 16
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Introduction
The M&A landscape in 2009-10 has notchanged much in 2008-09 with number of
announced deals increasing from 311 to 339while the number of concluded deals fell byaround 38%
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The global landscape of oil & gas M&A activities has
over the past four years seen many emerging contours
which even before stabilizing have been changing their
shape at accelerated pace. Year 2007 saw the peak of
M&A activities and not surprisingly so given the high
pitch global economic activities around the period. Ever
rising oil prices since mid 2000, easy availability of funds
supporting leveraged buy outs and most importantly,
the bullish business sentiments for the future were some
of the factors underlying the peak on oil & gas M&A
landscape. These M&A activities were primarily growth
oriented which increased the risk prole of companies
supported by higher risk appetite of the investors.
Subsequent downturn in late 2008 and early 2009
along with volatile oil prices had its sobering impact on
the M&A activities wherein the sellers started exploring
divestment options to rationalize the risk of their
portfolio and buyers could afford bargain hunting. This
created a gap in the valuation expectation of the buyer
and the seller leading to lesser proportion of M&A offers
reaching the stage of closure. This was well reected in
the reduced M&A deals concluded over past two years.
Few key features of M&A landscape during pre-Q4 2008
period were:
Increased activities in Oil Field Services (OFS) space
given the rise in contract prices
Enhanced competition between International Oil
Companies (IOCs) and National Oil Companies
(NOCs) for gradually decreasing numbers of new
large prospects
New entrants to the hydrocarbon sector
Increased focus on exploitation of unconventional
hydrocarbon resources such as oil sands and coal
bed methane thanks to the prevailing high oil prices
and bullish outlook for the same.
With global meltdown in last quarter of 2008, the focus
turned on managing risks of the portfolio and getting
access to fast drying credit lines.
Taking a cue from these interesting developments as
we entered 2009, our previous paper on this subject,
published in January 2009, had expected the year
2009 to be a year of mergers of necessity resulting in
relatively consolidated oil & gas landscape.
This paper maps the M&A activities within the oil & gas
space for the period between Q4 2008 and Q3 2010
(study period) and intends to identify key M&A trends in
the sector. The study considers only those deals which
are greater than USD 5 million in value and pertain to
the period during October 2008 to August 2010 as per
data reported by the Merger Market.
The key change in the business environment for the
period of this study as compared to the period of
earlier study has been a relative stability in oil prices,
hovering between USD 60 85 per barrel over past
twelve months, and the global economy lately moving
from stabilization towards recovery to a certain extent.
The analysis and the outcome of this study need to be
viewed in the above context.
The period between Q4 2008 and Q3 2010 has seen
some 650 oil & gas deals being announced, of which,
around 69% are reported to have achieved closure.
The Upstream space continued to lead the M&Aactivity within the sector constituting around 70% of
the deals by number and 58% of the deals by value
concluded during this period. The M&A landscape
in 2009-10 has not changed much in 2008-09 with
number of announced deals increasing from 311
to 339 while the number of concluded deals fell by
around 38%. Interestingly, around 35% of the deals
closed on the date of announcement itself indicating
these to be predetermined bilateral deals while
around 52% of transactions closed within 3 months
of the announcement indicating quick convergence
of expectations in the context of stabilized economic
outlook. While the billion dollar deals continue to
happen with 15 such deals with cumulative value of ~
USD 61.15 billion closing in 2008-09 and 14 such deals
with cumulative value of ~ USD 64.62 billion in 2009-10,
the average deal value followed the past trend with
bulk of the deals in less than USD 50 million and USD
100 500 million ranges. Failures in satisfying specic
conditions for completion of deal as well as lack of
regulatory approvals had been the predominant reason
for unconsummated deals during past two years while
difference in expectations has played relatively minor
role towards the same.
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The regional landscape:(2008-09 and 2009-10)
Despite the slowdown and fairly cautious outlook in
2008-09, North America continued to be a land of
M&A with 134 deals, valued at ~USD 56.30 billion,
accounting for approximately 53% of the total deal by
value.
The concluded deal ow in 2009-10 decreased by
approximately 38% while the corresponding deal values
dropped by around 20% to 173 and ~USD 85.13 billion
respectively. This cautious outlook for the future waswell reected in substantially reduced deal ow even in
the prolic M&A regions of North America, Europe and
Asia. In 2008-09, the deals originated from a total of 41
countries while this number dropped to 32 countries in
2009-10.
The Middle East continued to witness limited deal ow
with only 2 deals concluded in 2008-09 which has an
average value of USD 30 million. The most affected
region has been South America where the M&A deals
almost dried up reducing the number from 19 deals
valued at ~USD 3.73 billion in 2008-09 to 4 deals valued
at ~USD 300 k in 2009-10. The following 2 charts (Chart1 and Chart 2) plot the number of deals and the value
of deals in USD billion.
Chart1:Region-wisenumberofconcludeddeals: Chart2:Region-wisevalueofdealsinUSDbillion
Over the 2 year period, USA and Canadadominated the regional M&A landscape
accounting for 32.50% and 17.92% of the totalvalue of deals respectively
South America
North America
Middle East
Europe
Asia (incl Australia)
Africa
South America
North America
Middle East
Europe
Asia (incl Australia)
Africa
23 4.043
0.31
3.73
111.967
55.67
56.30
42.12510.41
31.72
17.49
17.49
12.60
0.0280
0.03
2.515
0.66
1.86
244
110
65
19
134
74
46
4
110
36
19
2
2
0
8
4
4
Cumulative Mid 2009-10 Mid 2008-09 Cumulative Mid 2009-10 Mid 2008-09
6
Source: Merger Market Database, website: www.mergermarket.com Source: Merger Market Database, website: www.mergermarket.com
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Over the 2 year period, USA and Canada dominated the regional M&A landscape accounting for 32.50% and
17.92% of the total deals by value respectively. The other countries having a signicant play in the M&A space are
Russia, Japan and China followed by deals with multi-country origination. The following table indicates the type of
transactions that have occurred in some of these countries.
India features at 11th position on this global M&A
list with a total of 7 deals valued at ~USD 3.3 billion
accounting for 1.52% share of the total value of deals
for the period. Reliance Industries leads the deals table
from India with acquisition of 5% equity stake held by
Chevron in Reliance Petroleum Limited, merger of the
petrochemicals and rening businesses and acquisition
of 45% equity stake in Eagle Ford Shale asset. The other
India based M&A deals include government companies
acquiring 10% stake in OIL India, Essars acquisition of
Kenya Petroleum Renery Co. (KPRL) from Shell, Chevron
and BP and smaller tranches of investments, USD 22.3
million and USD 10 million, by the PE rms Sage NPE
Fund and Concord Enviro Systems respectively.
Canada reported the largest deal in 2008-09 wherein
Suncor acquired Petro-Canada through a plan of
arrangement for ~USD 18.39 billion. The combined
entity has created a globally-competitive integratedenergy company with a balanced portfolio of high
quality assets and high growth prospects backed by
a strong balance sheet. The merger is expected to
achieve CAD 300 million in annual savings in operating
expenditures as well as CAD 1 billion of annual capital
efciencies through elimination of redundancies and
targeting the capital budgets towards high-return, near
term projects.
The above region centric analysis of M&A transactions
is based on the domicile of the target company without
any consideration for the location of assets held by
these companies. Many of these target companies hold
assets across various regions. Any analysis considering
the location of acquired assets would accordingly make
the actual global M&A landscape appear a little more
complex as many of these acquisitions are truly cross-
border and not conned to a single country and region
thanks to the wide geographical spread of assets held
by these target companies.
SNo Country Noof
deals
Valuein
USDbillion
RemarkTypeoftransaction
1 USA 137 61.99 Marked by deals aimed at consolidation and/or to facilitate completion
of investment plans in view of the reduced access to credit lines. These
deals included merger of group companies, acquisition of balance
shares, nancial institutions and holding companies swapping shares to
improve returns and diversify risks.
2 Canada 101 34.19 Most of the transactions have been in the upstream segment with a
signication number of transactions aimed at consolidating unconven-
tional hydrocarbon resources such as shale assets.
3 Russia 23 19.32 A majority of the transactions have been to de-risk through rationaliza-
tion of portfolio and to diversify returns.
4 Japan 8 13.48 The major deal (~USD 12.18 billion) in Japan has been the Nippon Oil
merger with Nippon Mining Holding Inc. This appears to be a consoli-
dation of group entities as part of a restructuring exercise.
5 China 11 12.34 Most of the China originated transactions are outside Asia in Europe
and North America (mainly Canada). A number of transactions have
been made through the sovereign wealth fund in the upstream space.
6 Multi-
Country
26 10.27 These transactions have occurred across a ll sectors with investments
made in diverse geographies through subsidiary companies in order to
consolidate at local level.
Table1:Moreprevalenttypeoftransactionsbycountry(top7):
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Landscape across the value chain:(2008-09 and 2009-10)
The upstream sector continued to be the main driver for
M&A in the Oil & Gas sector which for the period under
review accounted for ~USD 110.17 billion from 316
deals. This is about 70% of the total number of deals
and 58% of the deals in value terms for the period.
Although number of deals has decreased across all
sub-sectors, the midstream and other transactions (i.e.
oil companies de-risking and diversifying their portfolios
into utilities, mining, etc.) have shown a marginal
increase of 2.63% and 9.16% respectively.
In 2009-10, there were a couple of deals at the top-end
of the scale which were group consolidations in the
Midstream Gas business and the Mining space. A
midstream deal valued at USD 11.75 billion saw Williams
Partners LP agreeing to acquire certain gas pipeline
and domestic midstream businesses from the Williams
Companies Inc. while another mining deal consisted of
Nippon Oil Corporation agreeing to merge with Nippon
Mining Holding Inc., both being listed companies.
Chart3:Sub-sectorwisenumberofconcludeddeals:
The upstream sectorcontinues to be themain driver for M&A
in the Oil & Gas sectorwhich for the periodunder reviewaccounted for 70% innymber terms and58% in terms of totaldeal value.
Others
Utilities
Upstream Services
Upstream Gas
Upstream E&P
Upstream Asset
O&G Holding/Finance Co
Midstream Services
Midstream
Integrated Cos
Downstream Services
Downstream
14
9
3
2
177
42
2
0
24
18
2
1
1714
1612
33
5
9367
54
36
Mid 2008-09 Mid
2009-10
8
Source: Merger Market Database, website: www.mergermarket.com
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The two major transactions in the upstream asset space
pertain to the assets in Gulf of Mexico and in Egypt.
While Devon Energy sold its Gulf of Mexico Shelf assets
to Apache Corporation for ~USD 1.05 billion in order
to improve its liquidity and focus on the development
of onshore properties in North America. In the case of
the Abu Qir concession located in Egypt, the Egyptian
General Petroleum Corporation divested it 40% stake
to Edison International Spa for a consideration of ~USD
1.4 billion. Edisons acquisition is aimed at achieving
consolidation of their position in Egypt and increasing
their reserves base.
In the upstream space, there were 14 transactions
ranging between USD 1 and USD 4 billion primarily
based out of North America and Europe. Russia andCanada also had its share of mega deals, one each in
the upstream space in year 2009-10. The Russian deal
of ~USD 6.6 billion was acquisition of NK Russneft OAO,
an E&P company owned by En+ Group Ltd, by Mikhail
Gutseriyev, a private investor. En+ Group sold the asset
to reduce its debt burden. The Canadian deal of ~USD
8.8 billion was acquisition by a Sinopec group company
of Addax Petroleum Corporation, an international
E&P company. This acquisition amidst competition is
apparently in line with the Chinese strategy to expand
their footprint globally.
In Europe, Premier Oil Plc., a listed UK based oil and
exploration company, has agreed to acquire Oilexco
North Sea Limited, a UK based company engaged in oil
and exploration services in the North Sea region. Premier
Oil Plc. is buying this company from Oilexco Inc, a listedCanada based company engaged in oil and exploration
Chart3:Sub-sectorwisevalueofdealsinUSDbillion
Others
Utilities
Upstream Services
Upstream Gas
Upstream E&P
Upstream Asset
O&G Holding/Finance Co
Midstream Services
Midstream
Integrated Cos
Downstream Services
Downstream
36.55
45.71
4.14
21.43
28.99
5.31
3.99
26.45
1.52
1.12
35.11
24.60
7.09
0.72
25.18
3.02
11.56
56.02
35.76
75.49
38.25
51.53
30.02
95.62
Mid 2009-10 Mid 2008-09
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Source: Merger Market Database, website: www.mergermarket.com
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7. A number of deals also originated out of nancial
difculties of BP as a result of oil spill from its asset in
the Gulf of Mexico.
The M&A activities in other sub-sectors, like
downstream, integrated companies and utilities have
been pretty much in line with the past trend though the
midstream and O&G holding / nance companies have
seen relatively larger number of deal ow in the last
two years. Midstream space has been dominated by the
following two types of transactions:
1. E&P companies acquiring midstream companies as a
forward integration strategy and
2. Midstream companies acquiring other midstream
companies as horizontal expansion strategy covering
larger and new markets for growth
A snapshot of the M&A activities during past two years
does reect the survival and stability as two key themes
underlying large proportion of deals, the necessity being
the prime mover than the quest for growth which wasthe hall mark of M&A activities in 2007 and early 2008.
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Some key trends
The recent apparent stabilization of oil prices and
nancial markets after the volatility witnessed in
2008-09 has laid the ground for growth oriented M&A
activities though the general sentiment continues to be
cautious with wait and watch being the corner stone
of M&A strategy for the investor community. Some of
the key trends of the past period such as rationalization
of portfolio, bargain hunting, etc. continue to hold
true, while few of them have reversed on account of
better conditions currently prevailing in the market.
The fortune of OFS companies have seen reversal due
to downsizing of E&P activities which has somewhat
subdued the M&A activities involving oileld services
companies and the few deals being completed are
primarily value deals as compared to the growth
oriented deals during pre 2008 period. Another reversal
in trend in the E&P space has been the consolidation
of smaller E&P companies nding prudence in jointly
pursuing their E&P activities. The E&P space also saw a
large number of companies merging to unlock value for
their stakeholders.
We continue to see the limited presence of International
Oil Companies (IOCs) on the M&A landscape as
acquirers and instead, they have been offering some of
their assets for sale as part of their strategy to rationalize
their portfolio, optimize the cost of operations and
to focus on their core areas / businesses. The M&A
activity in unconventional hydro-carbon resources space
continued with increasing interest in oil sands, shale
assets and coal bed methane activities. New entrants
with higher levels of liquidity such as Pension funds
and PE rms continued with their focus on the Oil &
Gas sector and viewed the sector as potential source of
growth as well as stable revenues. NOCs, especially from
China, continue their purchasing spree across the globe,
albeit at a lesser pace.
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Some challenges going forward
The improving outlook for the global economy and
stability in the oil prices is expected to trigger growth
in E&P activities thereby providing the impetus for the
other sub-sectors to grow. In terms of geographies
of interest, much has been reported about India
and China emerging as major players on the future
global M&A landscape; the rationale being the need
to expand their global footprint for achieving energy
security. It may be noted that India and China are likely
to continue and may be accelerate, acquisition of the
assets located overseas as there are limited avenues for
domestic M&A at present. In terms of new sub-sectors
within larger family of oil & gas, the unconventional
hydrocarbon space is likely to attract larger and new
players increasingly in the geographies other than North
America and Europe.
Few key challenges which are likely to shape the future
oil & gas M&A landscape may be mentioned as follows.
Where to invest?
The top ve IOCs have built a war chest of over USD75 billion in the last couple of years also by slowing
down their M&A activities and preferring organic
growth options instead. Also, the capital projects in the
sector have slowed by ~18% in 2009 with companies
reluctant to invest in mature basins, frontier basins
and in the countries perceived to have unstable scal
regimes. With this backdrop, IOCs are facing a reserve
replacement challenge. The upstream space has recently
seen some new discoveries and the unconventional
oil & gas assets is the area to watch for many seasons
to come. In view of the limited options of new prolic
basins available for exploration, we hope to see higher
investment in existing basins going forward as any delay
in implementing long lead projects will lead to further
lowering of reserve replacement ratio. This would also
result in companies offering highly competitive terms
during bidding for any prospective basin offered to
international companies at the expense of protability
outlook.
Development of new discoveries
In the recent past we have seen large discoveries in
onshore Uganda, deep offshore Mozambique, deep
offshore Israel and deep offshore Philippines, deep
offshore Brazil and deep offshore Ghana. Despite these
nds being large and commercially viable, the subdued
sentiments in global nancial markets and volatile
oil prices have slowed the pace of development of
these discoveries. The pace of development of these
asset would be key to medium term demand supply
situation and the current oil prices augurs well for the
development of these new discoveries.
Global focus on Clean Energy
The ever increasing oil prices till July 2008 turned
the global attention towards reviewing their energy
consumption pattern with a view to achieve reductionin use of fossil fuel based energy. Frenetic pace of global
economic expansion and resultant global warming
threats led to initiatives of COP-15 and UNFCC for
development and expansion of renewable energy
and increase its availability through development of
alternative sources of energy such as hydro, solar, wind,
bio, geothermal, etc. The increasing awareness to
consume less fossil fuel, efcient use of energy and use
of energy efcient appliances combined with national
action plans has resulted in reduction in demand for
fossil fuels at present and may present a potentially
larger challenge to growth rates in consumption of
fossil fuel in future. This has led to diversion of nancial
investments from the conventional oil & gas sector to
the renewable sector.
India and China emerging as major players in the globalM&A landscape in future; the rationale being the need toexpand their global footprint for achieving energy security
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Increasing investment in unconventional Oil &
Gas resources
Following closely on the heels of increased business
activity in the Clean Energy space is the large investment
being made towards development of unconventional oil
& gas resources such as Shale Oil & Gas, Oil Sands, Coal
Bed Methane and Underground Coal Gasication. The
development of these unconventional resources have
leaped into the realms of commercial viability thanks
to the high oil prices and investments made to develop
the sector in past few years in the wake of prevailing
high oil prices. Among all these resources, Shale gas
has found its place on the natural gas rmament in
US with its impact on international LNG market. With
higher investment commitments being made by existing
companies and new entrants, Shale gas would be a key
area to watch for its meaningful and long term impact
on international LNG market. A higher contribution
from Shale gas resources could see some shift in natural
gas market with decreasing leverage of the seller in the
otherwise sellers market.
NOCs to drive investment
NOCs have historically been impervious to global trends
and have acquired assets in every market situation. Their
philosophy of long term holdings for energy security is
indicative of a different investment strategy and is likely
to continue driving their future plans for acquisition.
NOCs from China, Korea, India, Malaysia and Thailand
have been actively participating in acquisition of
assets overseas and successfully acquiring some of the
assets being offered by IOCs as part of their portfolio
rationalization.
IOC-NOC Joint Ventures
IOCs and NOCs have traditionally been pursuing their
businesses independent of each other and following
different business practices and strategies in terms
of geographies, assets and markets. With increasing
ascendance of NOCs, their requirement for larger
pool of capital and technical resources combined with
decreasing availability of new attractive basins for IOCs,
the possibility of NOCs and IOCs jointly pursuing busi-
nesses is an increasing possibility. NOCs like ONGC
have already announced their intent to work with
IOCs, though the success of this model will depend on
management of risk perception, cultural alignment and
exploration successes of such joint ventures in future. An
area where this collaboration is likely to work well would
be in the development of commercially viable unconven-
tional oil & gas resources where IOCs may offer some
technical advantage.
Increased play by Financial Investors
The oil & gas sector requires larger commitment of risk
capital to enter into a growth phase and we expect
to see increased play by nancial investors who have
deep pockets and staying potential , such play being
dependent upon the attractiveness of the investment
opportunities from valuation and growth perspec-tive. Participation by nancial investors is likely to be
dependent on stability of the oil prices and companies
offering a balance portfolio for their investment with
acceptable risk return prole.
With relatively consolidated oil & gas landscape
emanating from the mergers of necessity over past
two years, 2010-11 is likely to witness M&A activities
cautiously oriented towards growth with well diversi-
ed portfolio in order to avoid falling into the traps of
overt optimism of 2007-08. Upstream space is likely to
continue leading the M&A activities within the sector
with increasing share of unconventional resources and
de-risking of portfolio through diversication as one of
its central themes.
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