PracticeAccounting FirmsOil, gas M&A undeterred by credit crunch

Oil, gas M&A undeterred by credit crunch

M&As in the oil and gas industry have been edging up throughout 2007, despite the credit crunch

Mergers and acquisitions (M&A) deals in the oil and gas (O&G)
industry were edging up slightly throughout 2007 despite the impact of the
credit crunch,
PricewaterhouseCooper
(PwC)’s latest annual analysis of M&A activity in the sector, O&G
Deals
, reveals.

The report shows deal totals rose from $US291.1bn (?147.7bn) to $US292.2bn
year on year. There was no clear evidence of a decline in O&G deal activity
in the second half of the year as the credit crunch broke, reflected in the
number of 2007 final quarter deals – up 7% on the final quarter of 2006.

The total value of deals in the oil field services sector jumped 165%, to
US$67.3bn in 2007. The oil services sector is now a key driver of M&A
activity in the wider O&G industry, accounting for almost a quarter (23%) of
the value of all deals compared with just 4% in 2005.

Discounting the massive
StatoilHydro
$32.2bn upstream merger in 2006, remaining upstream European deal value was
slightly up in 2007 and the value of downstream deals more than doubled, to
$US8.4bn, accounting for the biggest share of total European O&G deal value.

Further reading:

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