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U.S. oil and gas M A activity in the second Quarter of 2010 the highest since Q3 2008: PwC
Merger and acquisition activity in the US oil and gas sector reached its highest level in more than a year and a half during the second quarter, according to a report issued Wednesday by PricewaterhouseCoopers. With improved
credit markets and buyer-seller expectations finally aligning, coupled
with increased CEO confidence and stabilized commodity prices, the US
oil and gas sector saw a total of 142 announced deals in Q2, the highest
volume for deals seen since Q3 2008, just before the recession began.
At that time the total number of announced deals was 190. Total value
for Q2 2010 amounted to $36.9 billion, compared with $13.7 billion in Q2
2009, representing a 169% increase year over year. IHS Herold
participated in the research. For the first six months of 2010, there
were 262 announced deals in the sector, a 27% increase over the number
of deals in the same period last year. A sequential quarter-over-quarter
comparison shows deal activity continues to be robust with an 18.3%
increase over Q1, which included 120 announced transactions at a value
of $32.5 billion.? Upstream asset-focused transactions dominated deal
activity, comprising 67% of total deal value in the quarter, along with
the largest total deal volume at 80%. “Deal activity in the sector
rebounded significantly in the second quarter, and we expect the
momentum to continue throughout the second half of the year,” said
Michael Collier, leader of the US energy M&A practice at PwC. “As
commodity prices and equity markets continue to stabilize, senior
managers are showing greater inclination to do transactions today than
we’ve seen over the past two years. At the same time, buyers and sellers
are more aligned when it comes to valuations, which is helping to drive
the market and to ultimately get deals done.”? For Q2 this year, asset
sales represented 85% of deal activity compared with just 15% coming
from sales of entire companies. That was due in part to oil and gas
companies quitting conventional commitments to focus on unconventional
resources, according to PwC. There were $13.4 billion worth of deals
related to assets sales involving non-US entities taking positions in
shale gas, and unconventional assets. Foreign buyers made up more than
25% of the transactions in the quarter, up from 21.6% during the same
period last year. Inbound transactions by China-based companies
accounted for $900 million in M&A deals, demonstrating China’s
continuing search for energy.? There were 11 refinery deals with total
value of $3.7 billion, compared with the five deals at a total value of
$231.6 million over the same period last year. “Some spectacular returns
were achieved during the last cycle for? investors with the courage to
buy at the bottom of the cycle,” said Collier.? “While the deal volume
in refineries is relatively small, there may be more? bets on improving
crack spreads as investors, some of whom will be private? equity-backed,
will try to redo some of the last cycles’ great wins.”? He further
noted that, “with a significant amount of capital on the sidelines,
private-equity firms are beginning to find opportunities for deals in
oil and gas, especially focused on upstream and midstream assets.”
Source: Platts
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