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Oil & Gas Mergers and Acquisitions Report - Midyear 2013

A subdued deal market follows brisk end-of-year activity


After a spate of deals at the end of the last year, the oil and gas industry took a bit of a breather from merger and acquisition (M&A) activity in the first half of 2013. Both the number of deals and the value of those deals fell by 29% versus the same six months of last year. Total deal value the first half of 2013 totalled $79.9 billion, down from $113.2 billion in the first half of 2012.

Part of the decline likely stems from a push to complete deals during the fourth quarter of last year in anticipation of 2013 tax increases, which resulted in an unusually slow first quarter of 2013. However, worldwide economic concerns, combined with ongoing regulatory uncertainty continue to hang over the oil and gas sector.

This report covers deals from the past six months by sector. Highlights for each sector include:

  • The exploration and production sector experienced a sharp falloff in deal activity
  • The number of transactions in the oilfield services segment rose to 51 in the first half of 2013, compared to 39 during the same period last year
  • The midstream sector saw moderate deal activity as a result of the steady rise in production from North America’s unconventional oil and gas fields
  • The value of refining and marketing transactions declined significantly as U.S. refiners continued to adapt to changing supplies.

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