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1、Industry InsightsGlobal Oil and Gas M&A OutlookQ4 2024Executive SummaryIn this edition of our Global Oil and Gas M&A Outlook,weexamine and evaluate current trends for commodities prices,leading sector indicators,valuation developments,M&Adeals performed during the quarter and developments infeatured

2、 specialty subsectors.Our top insights for this edition follow:During the last quarter of the year,there was anoticeable decline in M&A activity.The number ofannounced deals dropped by 72,and their disclosedvalue decreased by USD 28.05 bn,resulting in a total of150 announced deals with a disclosed v

3、alue of USD46.81bn.The decline in M&A activity is attributed to a complexinterplayofevents.Majorpubliccompaniesareconsolidating within basins,resulting in fewer attractivetargets.Simultaneously,theTrumpadministrationspolicies may have mixed effects on the U.S.energysector.While pro-energy policies a

4、re likely to boostlarge-scale megadeals,the potential implementation oftariffs in the oil and gas sector could negatively impactU.S.refiners and Canadian producers.One of the sectors expected to benefit greatly from theU.S.energy policy is the LNG market,whose globalexports reached 107.6 MMt in Q4 2

5、024.U.S.PresidentDonald Trump has already lifted the moratorium onexport permits for new LNG projects and has expresseda commitment to accelerate permitting processes,in linewith his pledge to increase U.S.oil and gas production.Note:For this report,Kroll presents market and financial data of differ

6、ent sets of peer groups,according to the most representative subindustries of the oil and gas sector.These groups are composed of the most relevant companies by market capitalization.Deals displayed in the“Megadeals Announced”illustration may include acquisitions of private companies that do not dis

7、close some information.Other M&A analysis performed for the report considers all available information.Definitions:LNG:liquefied natural gas.MMt:million metric tons.FX:foreign exchange.bn:billion.Megadeals:transactions over USD 1 bn.2Global DataEconomic EnvironmentFX Rates of Key Currency Pairs3M&A

8、TransactionsHotspots for Oil and Gas Deal ActivityMegadeals Announced12Stay Ahead with Kroll28Market ReviewMarket StatisticsLeading Sector IndicatorsSubsector FocusCommodity Prices5Table of ContentsTrading StatisticsCommodity PricesCompany Trading Statistics19Trading StatisticsM&A TransactionsMarket

9、 ReviewGlobal DataKey ConsiderationsEconomic EnvironmentAfter implementing two interest rate cuts in Q4 2024,lowering rates from 5%to 4.5%,the Fed has indicated a pause in further rate cuts.This decision is supported by the combination of a strong job market and persistent inflation levels.In Q4 202

10、4,the U.S.labor market ended the year with job growth surpassing expectations and robust GDP growth.However,the pace of inflation reduction has slowed,with December showing a YoY increase of 2.9%.In the Eurozone,inflation is gradually approaching the 2%target,but economic growth remains weak.This co

11、uld prompt the ECB to continue lowering interest rates at the beginning of 2025,following two 0.25%cuts in Q4 2024,which reduced rates from 3.50%to 3.00%.The economic robustness of the U.S.contrasts with the stagnation observed in the Eurozone,as reflected in their respective market indexes QoQ evol

12、ution.The S&P 500,S&P Oil&Gas E&P and Dow Jones Industrial Average have increased by 2.07%,0.79%and 0.51%,respectively,while the MSCI Europe has decreased by 10.01%.Additionally,other global indexes have experienced declines,with the MSCI China and MSCI Emerging Markets diminishing by 8.81%and 7.82%

13、,respectively.Note:The graph shown here portrays the performance of selected indexes against the S&P Oil&Gas E&P Industry Index,which encompasses a selection of the most important exploration and production companies in the world;the calculation takes January 1,2019,as the starting point and tracks

14、the percent change until January 1,2025.Definitions:Fed:Federal Reserve Bank.ECB:European Central Bank.E&P:Exploration and Production.MSCI:Morgan Stanley Capital International.QoQ:Quarter-on-Quarter.YoY:Year-on-Year.Selected Global Index PerformanceSource:Capital IQ-100%-50%0%50%100%150%200%S&P 500S

15、&P Oil&Gas E&PMSCI Emerging MarketsMSCI ChinaMSCI EuropeDow Jones Industrial Average3FX Rates of Key Currency PairsEconomic EnvironmentDefinitions:FX:foreign exchange.Fed:Federal Reserve Bank.In the short term,the election of President Trump and the subsequent implementation of his policies are pois

16、ed to significantly influence the trajectory of the U.S.dollar.Key policies expected to impact the market include the implementation of tariffs and a more accommodative fiscal stance.This occurs in the context of the Feds signaling a pause in interest rate reductions,with the possibility of future r

17、ate increases due to the robust performance of the U.S.economy and inflation levels that have not yet met policymakers targets.These factors collectively imply a strong U.S.dollar dynamic during the first half of 2025.4Key Exchange RatesFX Pair2018 Avg.2019 Avg.2020 Avg.2021 Avg.2022Avg.2023 Avg.202

18、4 Avg.USD/MXN19.2319.2521.5020.2820.1117.7418.25USD/NOK8.148.809.428.609.6110.5610.74USD/BRL3.653.945.165.395.164.995.37USD/SAR3.753.753.753.753.753.753.75USD/JPY110.41109.01106.77109.82131.42140.53151.28USD/CNY6.626.916.906.456.737.087.19EUR/RUB74.0572.4482.6787.1974.1792.52100.16Other Relevant FX

19、Pairs in the Global Oil and Gas Market0.00.20.40.60.81.01.21.41.61.82.0USD/EURUSD/CADUSD/GBPUSD/AUDKey ConsiderationsTrading StatisticsM&A TransactionsMarket ReviewGlobal DataSource:Capital IQSource:Capital IQKey ConsiderationsTrading StatisticsM&A TransactionsMarket ReviewGlobal DataSource:Bloomber

20、gNote:The heatmap depicts global LNG exports using a color scale independent of the chart below.Australian Bureau of Statistics,GeoNames,Microsoft,Navinfo,Open Places,OpenStreetMap,Overture Maps Fundation,TomTom,ZenriPowered by BinMarket Statistics5Q4 2024 Top Countries by LNG Exports(MMt)Note:The d

21、ata presented in this visualization encompasses LNG exports by country from October 2024 to December 2024.Countries shaded in darker colors indicate higher export volumes of LNG.Definitions:LNG:liquefied natural gas.MMt:million metric tons.QoQ:Quarter-on-Quarter.By the end of the year,LNG activity i

22、ncreased by 5.96%QoQ,or 6.0 MMt,reaching a total of 107.6 MMt as the winter season fully set in.The U.S.,Qatar,and Australia remained the top three exporters,contributing to 60%of global exports with a combined total of 64.5 MMt.Most of the QoQ export growth was driven by the U.S.,Malaysia,and Qatar

23、.The U.S.registered a 2.3 MMt increase in exports,a 10.3%rise.Malaysias exports grew by 2.2 MMt,a significant 37.7%increase.Australia added 0.8 MMt,a 4.1%rise.The QoQ increase in LNG activity does not alleviate the supply pressures that continue to challenge the LNG market,which has yet to add new s

24、ignificant liquefaction capacity.President Trump has lifted the moratorium on export permits for new LNG projects that was established by former President Joe Biden in early 2024.The new administration policies are expected to bolster the U.S.s leading role in the LNG market,with the potential to do

25、uble its export capacity by 2028.Europe is expected to be the primary market for these exports,as shipments from the Gulf Coast are more competitive in Europe compared to the Asian market,where Qatari and Australian shipments hold an edge.24.722.420.423.119.120.219.720.220.719.919.421.143.139.140.24

26、4.3107.6 MMt101.6 MMt99.7 MMt108.7 MMtExports Q4 24Exports Q3 24Exports Q2 24Exports Q1 24United States of AmericaQatarAustraliaOther+Exports(MMt)-Key ConsiderationsTrading StatisticsM&A TransactionsMarket ReviewGlobal Data Australian Bureau of Statistics,GeoNames,Microsoft,Navinfo,Open Places,OpenS

27、treetMap,Overture Maps Fundation,TomTom,ZenriPowered by BinMarket Statistics6Q4 2024 Top Countries by LNG Imports(MMt)Note:The data presented in this visualization encompasses LNG imports by country from October 2024 to December 2024.Countries shaded in darker colors indicate higher LNG import volum

28、es.Definitions:LNG:liquefied natural gas.MMt:million metric tons.East Asia continues to be the primary market for global LNG imports,accounting for 52.2%of total imports,or 53.0 MMt.Western Europe is the next largest market,with imports totaling 22.2 MMt,equivalent to 21.9%of the total.In Q4 2024,th

29、e leading LNG importers were all located in East Asia,with China importing 19.3 MMt,Japan 16.1 MMt and South Korea 12.4 MMt.Globally,the LNG market is characterized by growing demand due to the unpredictability of extreme weather events,which requires the use of gas to meet energy requirements,wheth

30、er for cooling during heat waves or heating during cold spells.Additionally,the integration of a larger share of renewable energy sources into the energy mix is making gas-powered energy a crucial backup to ensure a stable energy supply when solar or wind energy output is insufficient.Regionally,in

31、East Asia,the demand for LNG is anticipated to rise due to economic expansion,which is driving higher industrial use of gas and increased energy needs.Simultaneously,in Europe,geopolitical developments,such as the cessation of Russian piped gas transit through Ukraine,are expected to further boost E

32、uropean demand for LNG.+Imports(MMt)-19.319.518.720.516.117.015.018.012.410.311.012.959.854.854.957.5107.6 MMt101.6 MMt99.7 MMt108.7 MMtImports Q4 24Imports Q3 24Imports Q2 24Imports Q1 24ChinaJapanSouth KoreaOtherSource:BloombergNote:The heatmap depicts global LNG exports using a color scale indepe

33、ndent of the chart.Key ConsiderationsTrading StatisticsM&A TransactionsMarket ReviewGlobal Data131657569117469383966629710214412153538985258257162155150100485483Q32024Q42024Q32024Q42024Q32024Q42024Q32024Q42024Q32024Q42024Q32024Q42024Q32024Q42024Latin AmericaEuropeAfricaMiddle EastAsia PacificCanadaU

34、.S.GasOilLeading Sector Indicators7Rig Count Analysis Q4 2024Source:Baker Hughes,December 31,2024Note:Monthly Average Rig Count in 2024 considers the average from January to December 2024.Note:The rig count indicator displays the average number of active drilling rigs throughout the world.This indic

35、ator is closely watched as a precursor to oil production across the Oil and Gas sector.Definitions:YoY:Year-on-Year.QoQ:Quarter-on-Quarter.YoY Monthly Average Rig Count:The year 2024 concluded with an average of 1,735 rigs registered worldwide,marking a YoY decrease of 4.4%,or 79 rigs.The U.S.record

36、ed an average of 599 rigs,accounting for 35%of the global rigs,followed by the Middle East with an average of 341 rigs,representing 20%of the worldwide count.In 2024,only two regions experienced a decline in rig counts:the U.S.,with an average reduction of 89 rigs,and Latin America,with a decrease o

37、f 21 rigs.Conversely,the other regions collectively increased their rig count by 31.QoQ Rig Count:Compared to Q3 2024,Canada has registered a significant decrease in its rig count,with a reduction of 50 oil rigs and four gas rigs.Meanwhile,QoQ,the U.S.rig count has remained stable,with a decrease of

38、 two oil rigs and an increase of five gas rigs.The primary trend influencing M&A activity is also impacting U.S.rig counts.This trend involves the consolidation of assets in the same area of influence to achieve economies of scale.Consequently,the U.S.is maintaining high output levels with a reduced

39、 number of rigs.Monthly Average Rig CountQoQ Rig Count1,5932,0292,2112,1771,3511,3611,7471,8141,735201620172018201920202021202220232024Latin AmericaEuropeAfricaMiddle EastAsia PacificCanadaU.S.Spotlight:Oil Field Services(FY24/FY23)EV/EBITDASubsector Focus80.0 x5.0 x10.0 x15.0 xGas SpecialistsRefini

40、ng and MarketingMidstream Oil and GasOil Field ServicesRegional IndependentGlobal IndependentNational Oil CompaniesIntegrated MajorsFY24FY230.0 x5.0 x10.0 x15.0 xTechnipFMC plcBaker Hughes CompanySchlumberger LimitedChampionX CorporationHalliburton CompanyNOV Inc.Weatherford International plcProPetr

41、o Holding Corp.Patterson-UTI Energy,Inc.FY24FY23Source:Capital IQ as of December 31,2024FY24 Median6.1xFY24 Median6.8xOil and Gas Subsector Average(FY24/FY23)Trading StatisticsM&A TransactionsMarket ReviewGlobal DataNote:Subsector average considers the available EV and EBITDA values of public compan

42、ies in each category.The spotlight considers the most representative companies by capitalization(as of December 31,2024)with available data for calculation(FY24 EV/EBITDA and FY23 EV/EBITDA).Spotlight FY24 median may differ from subsector average,as it only includes representative companies.Definiti

43、ons:EV/EBITDA:Enterprise Value/Earnings Before Interest,Taxes,Depreciation and Amortization.LTM:last 12 months.0.0 x0.2x0.4x0.6x0.8x1.0 xProPetro Holding Corp.Patterson-UTI Energy,Inc.Schlumberger LimitedHalliburton CompanyNOV Inc.Baker Hughes CompanyWeatherford International plcChampionX Corporatio

44、nTechnipFMC plcFY24FY230.0 x0.2x0.4x0.6x0.8x1.0 xGas SpecialistsRefining and MarketingMidstream Oil and GasOilfield ServicesRegional IndependentGlobal IndependentNational Oil CompaniesIntegrated MajorsFY24FY23Capital Expenditure/EBITDASubsector FocusNote:Subsector average consider the available Cape

45、x and EBITDA values of public companies in each category.The spotlight considers the most representative companies by capitalization(as of December 31,2024)with available data for calculation(FY24 Capex/EBITDA and FY23 Capex/EBITDA).Spotlight FY24 median may differ from subsector average as it only

46、includes representative companies.9Source:Capital IQ as of December 31,202467.1xFY24 Median0.3xFY24 Median0.5xTrading StatisticsM&A TransactionsMarket ReviewGlobal DataSpotlight:Oilfield Services(FY24/FY23)Oil and Gas Subsector Average(FY24/FY23)Oilfield ServicesSubsector FocusNote:*The return showe

47、d in selected stocks is calculated by taking October 1,2023,as the starting point and tracks the percentual change until January 1,2025.10Source:Capital IQ as of December 31,2024/Kroll analysis-60%-40%-20%0%20%40%60%80%Schlumberger LimitedHalliburton CompanyChampionX CorporationLiberty Energy Inc.We

48、atherford International plcBaker Hughes CompanyNOV Inc.TechnipFMC plcProPetro Holding Corp.Regression Analysis:EBITDA Margin vs.EV/RevenueShare Price Development Q4 2024*Trading StatisticsM&A TransactionsMarket ReviewGlobal DataEV/RevenueEBITDA MarginFY 2024FY 2023FY 2024FY 2023Oilfield ServicesSchl

49、umberger Limited 1.76x1.93x22.75%21.90%Baker Hughes Company 1.59x1.73x16.53%14.64%Halliburton Company 1.33x1.32x21.81%22.07%TechnipFMC plc 1.53x1.72x15.36%12.34%NOV Inc.0.81x0.83x13.74%11.97%Weatherford International plc 1.11x1.19x23.24%22.34%ChampionX Corporation 1.51x1.46x19.96%19.92%Patterson-UTI

50、 Energy,Inc.0.82x1.07x22.32%28.45%Liberty Energy Inc.0.86x0.78x20.61%24.79%ProPetro Holding Corp.0.73x0.66x18.85%23.75%Average 1.26x1.33x19.52%20.22%Median1.36x1.41x20.28%21.99%Q4 2024 Hydrocarbon PricesCommodity PricesDefinitions:TTF:Title Transfer Facility.USGC.:United States Gulf Coast.WTI:West T

51、exas Intermediate.QoQ:quarter-on-quarter.MMBtu:metric million British thermal units.Bbl:oilfield barrel,a volume of 42 Gal.Gal:U.S.gallons=3.78 liters.JKM:Japan-Korea Marker.11Key ConsiderationsIn Q4 2024,all major benchmarks experienced quarterly increases compared to Q3,with the exception of Dubai

52、 Crude which,registered a 0.4%decrease.QoQ,WTI and Brent prices increased by 5.2%and 4.0%,respectively.Refined products also registered quarterly increases,with USGC Jet Fuel rising by 12.4%.The larger increases were observed in the natural gas benchmarks,influenced by the seasonal impact of winter.

53、QoQ,Henry Hub,Dutch TTF,and JKM rose by 24.3%,16.7%,and 8.5%,respectively.YoY,all benchmarks concluded 2024 at higher levels compared to 2023,with Henry Hub increasing by 44.5%,Dutch TTF rising by 42.5%,and JKM growing by 23.6%.Source:BloombergSource:BloombergSource:BloombergCrude Oil USD/BblNatural

54、 Gas USD/MMBtuRefined Products USD/Gal60708090100WTI Crude OilBrent Crude OilDubai CrudeOPEC Crude Oil Basket020Henry HubDutch TTFJKM012345USGC GasolineUSGC DieselUSGC Jet FuelHeating OilTrading StatisticsM&A TransactionsMarket ReviewGlobal Data Australian Bureau of Statistics,GeoNames,Microsoft,Nav

55、info,Open Places,OpenStreetMap,Overture Maps Fundation,TomTom,ZenrinPowered by BingM&A Heatmap by Region and Deal Count,Q4 2024Hotspots for Oil and Gas Deal ActivityNote:The heatmap displays M&A activity across the world based only on the number of deals announced during the period and does not cons

56、ider the value corresponding to said transactions.Definitions:bn:billion.QoQ:Quarter-on-Quarter.YoY:Year-on-YearIn the last quarter of 2024,M&A activity declined QoQ in both announced deals and disclosed value.Deal announcements fell to 150 globally,a 32%reduction equivalent to 72 deals.Simultaneous

57、ly,disclosed value decreased by 37%,or USD 28.05 bn,to USD 46.81 bn.Transactional activity has decreased,as key stakeholders are prioritizing cash flow generation and delivering attractive returns to investors.This requires stringent capital expenditure discipline and transactions with reasonable mu

58、ltiples,leading to prolonged negotiations and declining transaction values due to the potential for lower oil prices.Additionally,the availability of strategic targets with synergistic assets is also diminishing.12Source:Bloomberg+No.of Deals-Trading StatisticsM&A TransactionsMarket ReviewGlobal Dat

59、aUSD 47 bnGlobal Disclosed ValueQoQYoY-37%-77%150Announced DealsQoQYoY-32%-48%Q4 2024 M&A ActivityKey ConsiderationsHistorical Evolution of the M&A MarketHotspots for Oil and Gas Deal Activity13Trading StatisticsM&A TransactionsMarket ReviewGlobal DataNote:Variances are calculated by dividing the cu

60、rrent figure by the immediately preceding one,either QoQ or YoY,followed by subtracting 100 percentage points.Definitions:bn:billion.QoQ:Quarter-on-Quarter.YoY:Year-on-YearAnnounced DealsDisclosed Value(USD)PeriodUpstreamMidstream DownstreamTotalTotal Var*UpstreamMidstream DownstreamTotalTotal Var*2

61、022648155188991146.01 bn 43.97 bn42.69 bn232.66 bn-Q1 20221503547232-29.94 bn17.60 bn17.20 bn 64.75 bn-Q2 20221453933217-6%27.56 bn9.40 bn5.22 bn42.18 bn-35%Q3 2022190424527728%48.24 bn9.48 bn13.28 bn71.01 bn68%Q4 20221633963265-4%40.26 bn7.48 bn 6.98 bn54.72 bn-23%20236391332331,0051%266.46 bn66.70

62、 bn59.23 bn392.39 bn69%Q1 20231424060242-9%22.55 bn10.95 bn22.19 bn55.69 bn2%Q2 20231543448236-2%43.81 bn21.68 bn6.40 bn71.89 bn29%Q3 202315626552370%26.44 bn17.51 bn20.96 bn64.91 bn-10%Q4 2024187337029022%173.66 bn16.56 bn9.68 bn199.90 bn208%2024573145160878-13%174.08 bn85.19 bn32.11 bn291.38 bn-26

63、%Q1 20241733558266-8%65.63 bn25.65 bn11.25 bn102.53 bn-49%Q2 20241612851240-10%55.29 bn10.05 bn1.84 bn67.18 bn-34%Q3 20241415328222-8%28.10 bn33.75 bn13.01 bn74.86 bn11%Q4 2024982923150-32%25.06 bn15.74 bn 6.01 bn 46.81 bn-37%Source:S&P and Bloomberg between January 1,2022,and December 31,2024Key Co

64、nsiderationsTrading StatisticsM&A TransactionsMarket ReviewGlobal DataDisclosed Value53 deals14 deals3 deals80 dealsUnited StatesCanadaGermanyOther150 dealsHotspots for Oil and Gas Deal Activity14Q4 2024 M&A TakeawaysSource:Bloomberg between October 1,2024,and December 31,2024.Definition:Megadeals:t

65、ransactions over USD 1 bn.As 2024 closes,North Americas M&A markets continue to demonstrate high liquidity by registering 67 transactions with a disclosed value of USD 37.5 bn.This accounts for 44.7%of global announced deals and 80.0%of the total disclosed value.In Q4 2024,the U.S.represented 35.3%o

66、f global deals and 57.0%of the total disclosed value,continuing to play a leading role in the global M&A landscape.Meanwhile,Canada accounted for 9.3%of global deals while contributing to 23.0%of the global disclosed value.M&A activity was significantly influenced by 12 megadeals,with 10 occurring i

67、n the North American region(7 in the U.S.and 3 in Canada).The disclosed value of these 10 megadeals amounted to USD 31.5 bn,representing 67.3%of the global disclosed value.The two largest deals of Q4 2024 included:ONEOK Inc.s acquisition of EnLink Midstream LLC,resulting in ONEOKs expanding its pres

68、ence in the Permian Basin and establishing a new foothold in Louisiana.Canadian Natural Resources acquisition of Chevrons producing assets enables greater operational efficiencies thanks to the consolidation of Canadians position.No.of Deals26.70 bn10.77 bn5.43 bn3.91 bnUSD 46.81 bnAcquisition of En

69、Link Midstream LLC by ONEOK Inc for USD 8.6 bn.Acquisition of Rosneft Assets in Germany by Qatar Investment Authority for USD 5.4 bn.Acquisition of Alberta Assets by Canadian Natural Resources for USD 6.5 bn.Acquisition of Permian Basin Assets by Coterra Energy for USD 4.0 bn.Disclosed ValueThe top

70、four deals represent 52%of global disclosed value in Q4 2024USD 47 bnTop Q4 2024 Deals18%14%12%8%48%Key ConsiderationsTrading StatisticsM&A TransactionsMarket ReviewGlobal DataQ4 disclosedvalueUpstreamHotspots for Oil and Gas Deal Activity15Source:Bloomberg between October 1,2024,and December 31,202

71、4Definitions:bn:billion.Megadeals:transactions over USD 1 bn.QoQ:quarter-on-quarter.The reduction of 72 deals in Q4 2024 was observed across all subsegments of the oil and gas industry.The most significant decrease occurred in the upstream sector,with a reduction of 43 deals.Despite this reduction,u

72、pstream disclosed value remained relatively stable,with only a slight decrease from USD 28 bn to USD 25 bn.The midstream sector experienced the second-largest reduction,with 24 fewer deals and the most substantial drop in disclosed value,falling from USD 34 bn to USD 16 bn.Lastly,the downstream sect

73、or saw a modest reduction of five deals,with disclosed values halving from USD 13 bn to USD 6 bn.Regarding megadeals,there was one fewer megadeal QoQ,decreasing from 13 in Q3 2024.Their disclosed value dropped by USD 22.2 bn,from USD 60.4 bn to USD 38.2 bn.The overall M&A activity is attributed to a

74、 complex interplay of events.Major public companies are consolidating within basins,resulting in fewer attractive targets.Simultaneously,the Trump administrations policies may have mixed effects on the U.S.energy sector.While pro-energy policies are likely to boost large-scale megadeals,the potentia

75、l implementation of tariffs in the oil and gas sector could negatively impact U.S.refiners and Canadian producers.Q3 2024Q4 2024141 deals98 dealsUSD 28 bnUSD 25 bnQ4dealsQ4 disclosedvalueMegadealsOtherMidstreamQ3 2024Q4 202453 deals29 dealsUSD 34 bnUSD 16 bnQ4dealsQ4 disclosedvalueMegadealsOtherDown

76、streamQ3 2024Q4 202428 deals23 dealsUSD 13 bnUSD 6 bnQ4dealsMegadealsOtherQ4 2024 M&A by SubsegmentOne announced megadeal accounts for USD 5 bn.Three announced megadeals account for USD 13 bn.Eight announced megadeals account for USD 19 bn.Australian Bureau of Statistics,GeoNames,Microsoft,Navinfo,O

77、pen Places,OpenStreetMap,Overture Maps Fundation,TomTom,ZenrinPowered by BingHotspots for Oil and Gas Deal ActivityNote:The heatmap displays M&A activity distribution across the world based only on the number of megadeals announced during the period and does not take into consideration their respect

78、ive value.Definitions:bn:billion.Megadeals:transactions over USD 1 bn.Announced Megadeals Heatmap16Trading StatisticsM&A TransactionsMarket ReviewGlobal Data+Number of Megadeals-United States I 7 MegadealsNigeria I 1 MegadealUpstream USD 1.3 bn Canada I 3 MegadealsUpstream USD 6.5 bn Upstream USD 2.

79、4 bn Upstream USD 1.1 bn Germany I 1 MegadealDownstream USD 5.4 bn Midstream USD 8.6 bn Upstream USD 3.9 bn Upstream USD 2.0 bn Upstream USD 1.2 bnMidstream USD 1.2 bnMidstream USD 3.5 bn Upstream USD 1.0 bnOctober 2024November 2024December 2024Source:Bloomberg as of December 31,2024 Megadeals Annou

80、nced17Trading StatisticsM&A TransactionsMarket ReviewGlobal DataUpstreamDefinition:Transaction value(USD):deal value paid for equity,plus the value of assumed current liabilities,net of current assets.An asset deal for Uinta basin assets.USD 2.0 bnAcquirerSellerAn asset deal for 20%interest in Athab

81、asca Oil Sands Project and 70%in Duvernay.USD 6.5 bnAcquirerSellerAn asset deal expanding operations in New Mexico and the Permian Basin.USD 3.9 bnAcquirerSellerA corporate deal leading to the purchase of several operational assets.USD 1.3 bnAcquirerSellerAn asset deal for expanding producing assets

82、 in Alberta Montney.USD 2.4 bnAcquirerSellerAsset deal for oil drilling assets in the Permian Basin of Texas and New Mexico.USD 1.0 bnAcquirerSellerA corporate deal resulting in the acquisition of operating assets in the Deep Basin.USD 1.1 bnAcquirerSellerAn asset deal for acquiring non-operated int

83、erest in Northern Marcellus.USD 1.2 bnAcquirerSellerA corporate deal that results in the formation of a midstream Joint Venture.USD 3.5 bnAcquirerSellerSource:Bloomberg as of December 31,2024 Megadeals Announced18Trading StatisticsM&A TransactionsMarket ReviewGlobal DataOctober2024MidstreamDownstrea

84、mNovember2024September 2024Definition:Transaction value(USD):deal value paid for equity,plus the value of assumed current liabilities,net of current assets.A corporate deal for activities in the Permian Basin,Texas,Louisiana,and Oklahoma.USD 8.6 bnAcquirerSellerCorporate Deal for Rosneft Deutschland

85、,focused on downstream processing.USD 5.4 bnAcquirerSellerAn asset deal for three wholly owned interstate natural gas pipeline systems.USD 1.2 bnAcquirerSellerDate%ChangeUnitTypeSourceQ4 2023Q1 2024Q2 2024Q3 2024Q4 2024QoQYoYCrude OilWTI Crude OilUSD/BblSpotBloomberg71.783.281.568.271.75.2%0.1%Brent

86、 Crude OilUSD/BblSpotBloomberg77.087.586.471.874.64.0%-3.1%Dubai CrudeUSD/BblSpotBloomberg77.384.282.573.573.2-0.4%-5.3%OPEC Crude Oil BasketUSD/BblSpotBloomberg78.486.086.673.074.62.2%-4.9%GasHenry Hub Natural GasUSD/MMBtuSpotBloomberg2.51.82.62.93.624.3%44.5%Dutch TTF Natural GasUSD/MMBtuSpotBloom

87、berg10.38.710.712.614.716.7%42.5%Japan Korea Natural GasUSD/MMBtuSpotBloomberg11.59.512.613.114.28.5%23.6%Refined ProductsUSGC Regular GasolineUSD/GalSpotBloomberg2.12.62.32.02.00.3%-2.4%USGC DieselUSD/GalSpotBloomberg2.42.62.52.12.27.5%-5.8%USGC Jet FuelUSD/GalSpotBloomberg2.32.62.52.02.212.4%-4.1%

88、Heating OilUSD/GalSpotBloomberg2.62.62.52.12.38.9%-9.1%Commodity PricesNote:Data indicates the rounded price of the selected commodities as of the last day of each quarter from Q4 2023 to Q4 2024.Percentage change column may present differences due to the rounding of the commodities spot prices in t

89、he tables.19Trading StatisticsM&A TransactionsMarket ReviewGlobal DataSource:Bloomberg as of December 31,2024 Integrated MajorsCompany Trading Statistics20Trading StatisticsM&A TransactionsMarket ReviewGlobal Data(USD bn,except for per-share data)Share Price52-Week Share PriceMarket CapEnterprise Va

90、lue Revenues EBITDA EBITDA Margin EV/EBITDA 31-dec-24 Low HighLTM LTMFY2023LTM LTM FY2023 Integrated MajorsExxon Mobil Corporation 107.57102.65126.34472.78496.21343.3967.1270.9519.55%7.39x5.86xChevron Corporation 144.84135.37167.11260.29282.26198.2040.8042.1820.59%6.92x7.03xShell plc 31.0029.9437.34

91、192.11225.95284.3158.4945.5420.57%3.86x5.63xTotalEnergies SE 55.2553.3673.64124.53153.14195.6136.8943.9118.86%4.15x4.35xBP p.l.c.4.924.616.8277.88123.50187.3930.4144.1616.23%4.06x3.32xAverage 19.16%5.28x5.24xMedian19.55%4.15x5.63xSource:Capital IQ as of latest filings available(December 31,2024)Note

92、:The information presented reflects analytical data and indicators from key public entities that make up the gas specialist subsector of the Oil and Gas industry as of December 31,2024 latest filings.The selected companies were sorted by order of the largest market capitalization from the entire sub

93、industrys public company universe to highlight their financial status and capital adequacy.Therefore,the averages presented only account for the major players and not the entire subindustry.*Note:Values correspond to latest data available at the time this report was elaborated.National Oil Companies

94、Company Trading Statistics21Trading StatisticsM&A TransactionsMarket ReviewGlobal Data(USD bn,except for per-share data)Share Price52-Week Share PriceMarket CapEnterprise Value Revenues EBITDA EBITDA Margin EV/EBITDA 31-dec-24 Low HighLTM LTMFY2023LTM LTM FY2023 National Oil Companies Saudi Arabian

95、Oil Company 7.477.158.711807.701872.82488.81234.73253.7648.02%7.98x8.49xPetroChina Company Limited 0.790.691.10214.92250.41425.5770.7368.9516.62%3.54x3.16xPetrleo Brasileiro S.A.-Petrobras 0.005.977.5179.29119.0292.5342.0950.7445.49%2.83x3.00 xEquinor ASA 0.0022.2628.2763.7362.73102.5039.5644.2838.6

96、0%1.59x2.47xChina Petroleum&Chemical Corporation 0.570.530.70102.76169.63443.0124.5325.625.54%6.91x5.83xEni S.p.A.0.0012.9016.6141.8464.48102.8218.2918.4917.78%3.53x3.85xOil and Natural Gas Corporation Limited 2.802.573.9835.1755.6570.449.859.6313.98%5.65x4.71xPTT Public Company Limited 0.000.891.08

97、26.4260.8598.1210.6011.2510.80%5.74x5.88xEcopetrol S.A.0.000.390.6115.6244.3531.9812.5915.1339.38%3.52x3.72xIndian Oil Corporation Limited 1.591.322.2021.9540.2488.984.144.644.66%9.71x7.38xBharat Petroleum Corporation Limited 3.422.804.3414.8320.0952.073.051.405.86%6.58x11.22xYPF Sociedad Annima0.00

98、16.6953.8719.1926.9915.683.881.3424.75%6.96x8.45xAverage 22.62%5.38x5.68xMedian17.20%5.70 x5.27xSource:Capital IQ as of latest filings available(December 31,2024)Note:The information presented reflects analytical data and indicators from key public entities that make up the gas specialist subsector

99、of the Oil and Gas industry as of December 31,2024,latest filings.The selected companies were sorted by order of the largest market capitalization from the entire subindustrys public company universe to highlight their financial status and capital adequacy.Therefore,the averages presented only accou

100、nt for the major players and not the entire subindustry.*Note:Values correspond to latest data available at the time this report was elaborated.Global IndependentCompany Trading Statistics22Trading StatisticsM&A TransactionsMarket ReviewGlobal Data(USD bn,except for per-share data)Share Price52-Week

101、 Share PriceMarket CapEnterprise Value Revenues EBITDA EBITDA Margin EV/EBITDA 31-dec-24 Low HighLTM LTMFY2023LTM LTM FY2023 Global IndependentConocoPhillips 99.1794.23135.18128.28139.7956.4523.7724.7542.10%5.88x5.96xEOG Resources,Inc.122.58109.06139.6768.6566.6423.8613.1713.2055.18%5.06x5.25xOccide

102、ntal Petroleum Corporation 49.4145.1771.1946.3680.8027.1412.9313.0247.65%6.25x6.21xHess Corporation 133.01123.79163.9840.8549.2712.667.295.0757.53%6.76x10.27xRepsol,S.A.12.1011.4317.0414.2523.1758.756.057.2510.30%3.83x3.69xInpex Corporation 0.0011.1817.2815.0122.6414.419.7110.8367.36%2.33x2.30 xAver

103、age 46.69%5.02x5.61xMedian51.42%5.47x5.60 xSource:Capital IQ as of latest filings available(December 31,2024)Note:The information presented reflects analytical data and indicators from key public entities that make up the gas specialist subsector of the Oil and Gas industry as of December 31,2024 la

104、test filings.The selected companies were sorted by order of the largest market capitalization from the entire subindustrys public company universe to highlight their financial status and capital adequacy.Therefore,the averages presented only account for the major players and not the entire subindust

105、ry.*Note:Values correspond to latest data available at the time this report was elaborated.Regional IndependentCompany Trading Statistics23Trading StatisticsM&A TransactionsMarket ReviewGlobal Data(USD bn,except for per-share data)Share Price52-Week Share PriceMarket CapEnterprise Value Revenues EBI

106、TDA EBITDA Margin EV/EBITDA 31-dec-24 Low HighLTM LTMFY2023LTM LTM FY2023 Regional IndependentCanadian Natural Resources Limited 30.8429.6539.8765.0972.6026.4612.0112.5045.41%6.04x6.45xSuncor Energy Inc.35.6631.1341.3544.8753.2335.5412.2412.1134.45%4.35x4.26xCenovus Energy Inc.15.1414.2321.1527.6632

107、.7841.207.107.5117.23%4.62x5.11xImperial Oil Limited 61.5755.9676.8631.8833.8835.815.746.1216.03%5.90 x5.21xDevon Energy Corporation 32.7330.3955.0921.5030.3314.537.627.4852.46%3.98x4.68xDiamondback Energy,Inc.163.83152.00214.5047.8461.899.166.826.0974.46%9.08x5.60 xAker BP ASA 0.0019.0727.2612.3415

108、.3912.3810.9912.2488.80%1.40 x1.74xSantos Limited*4.134.005.2013.3918.045.633.343.5859.24%5.41x5.80 xMarathon Oil Corporation 6.935.228.598.9210.374.370.430.499.86%24.06x21.57xAverage 44.22%7.20 x6.71xMedian45.41%5.41x5.21xSource:Capital IQ as of latest filings available(December 31,2024)Note:The in

109、formation presented reflects analytical data and indicators from key public entities that make up the gas specialist subsector of the Oil and Gas industry as of December 31,2024 latest filings.The selected companies were sorted by order of the largest market capitalization from the entire subindustr

110、ys public company universe to highlight their financial status and capital adequacy.Therefore,the averages presented only account for the major players and not the entire subindustry.*Note:Values correspond to latest data available at the time this report was elaborated.Oilfield ServicesCompany Trad

111、ing Statistics24Trading StatisticsM&A TransactionsMarket ReviewGlobal Data(USD bn,except for per-share data)Share Price52-Week Share PriceMarket CapEnterprise Value Revenues EBITDA EBITDA Margin EV/EBITDA 31-dec-24 Low HighLTM LTMFY2023LTM LTM FY2023 Oilfield ServicesSchlumberger Limited 38.3436.525

112、5.6954.1463.8736.298.257.3522.75%7.74x11.47xBaker Hughes Company 41.0228.6649.4040.5944.1227.834.603.7316.53%9.59x9.92xHalliburton Company 27.1925.1641.5623.8930.4622.945.015.0821.81%6.09x7.73xTechnipFMC plc 28.9419.4433.4512.3113.438.801.350.9715.36%9.94x10.62xNOV Inc.14.6013.9521.205.687.158.871.3

113、31.0014.99%5.37x9.86xWeatherford International plc 71.6360.45135.005.206.115.511.281.1523.24%4.77x7.29xChampionX Corporation 27.1925.5739.955.185.483.630.730.7519.96%7.55x8.09xPatterson-UTI Energy,Inc.8.267.1512.653.224.435.381.201.1822.32%3.69x4.93xLiberty Energy Inc.19.8916.5724.753.253.704.320.89

114、1.1820.61%4.16x2.95xProPetro Holding Corp.9.336.5411.170.961.081.470.280.3918.85%3.89x2.51xAverage 19.64%6.28x7.54xMedian20.28%5.73x7.91xSource:Capital IQ as of latest filings available(December 31,2024)Note:The information presented reflects analytical data and indicators from key public entities t

115、hat make up the gas specialist subsector of the Oil and Gas industry as of December 31,2024 latest filings.The selected companies were sorted by order of the largest market capitalization from the entire subindustrys public company universe to highlight their financial status and capital adequacy.Th

116、erefore,the averages presented only account for the major players and not the entire subindustry.*Note:Values correspond to latest data available at the time this report was elaborated.Midstream Oil and GasCompany Trading Statistics25Trading StatisticsM&A TransactionsMarket ReviewGlobal Data(USD bn,

117、except for per-share data)Share Price52-Week Share PriceMarket CapEnterprise Value Revenues EBITDA EBITDA Margin EV/EBITDA 31-dec-24 Low HighLTM LTMFY2023LTM LTM FY2023 Midstream Oil and GasEnbridge Inc.42.4032.0446.3292.35164.2837.1610.5610.4628.41%15.56x13.47xEnterprise Products Partners L.P.31.36

118、26.8634.6367.9899.7556.229.458.8316.80%10.56x9.91xThe Williams Companies,Inc.54.1233.8561.4665.9794.7910.755.566.2951.69%17.06x10.89xEnergy Transfer LP 19.5914.3621.4567.07142.0982.6714.2412.6917.23%9.97x8.34xONEOK,Inc.100.4070.94118.0758.6686.2219.935.614.2228.15%15.36x14.85xTC Energy Corporation 4

119、6.5334.9550.3748.33103.859.575.986.6162.44%17.38x13.63xKinder Morgan,Inc.27.4016.9131.4860.8794.3015.106.676.4644.17%14.14x11.14xMPLX LP 47.8638.4454.5248.7669.3511.135.765.5151.79%12.03x10.51xPlains All American Pipeline,L.P.17.0815.8021.0012.0225.2250.072.362.414.72%10.67x10.04xAntero Resources Co

120、rporation 35.0523.2541.5310.9115.384.300.821.2519.06%18.78x9.43xEnLink Midstream,LLC 0.000.000.000.000.006.651.361.3720.37%0.00 x0.00 xEQT Corporation 46.1130.0254.8527.5141.374.622.604.2756.26%15.91x5.10 xAverage 33.43%13.12x9.78xMedian28.28%14.75x10.27xSource:Capital IQ as of latest filings availa

121、ble(December 31,2024)Note:The information presented reflects analytical data and indicators from key public entities that make up the gas specialist subsector of the Oil and Gas industry as of December 31,2024 latest filings.The selected companies were sorted by order of the largest market capitaliz

122、ation from the entire subindustrys public company universe to highlight their financial status and capital adequacy.Therefore,the averages presented only account for the major players and not the entire subindustry.*Note:Values correspond to latest data available at the time this report was elaborat

123、ed.Refining and MarketingCompany Trading Statistics26Trading StatisticsM&A TransactionsMarket ReviewGlobal Data(USD bn,except for per-share data)Share Price52-Week Share PriceMarket CapEnterprise Value Revenues EBITDA EBITDA Margin EV/EBITDA 31-dec-24 Low HighLTM LTMFY2023LTM LTM FY2023 Refining and

124、 MarketingReliance Industries Limited 14.2013.7818.57180.47212.91109.8218.8217.3917.14%11.31x13.95xMarathon Petroleum Corporation 139.50130.54221.1144.8375.87139.349.0716.956.51%8.37x4.65xPhillips 66 113.93108.91174.0847.0566.47143.154.0710.002.84%16.34x7.57xValero Energy Corporation 122.59116.84184

125、.7938.8147.18129.886.5214.665.02%7.23x3.54xNeste Oyj 12.5810.2729.689.6413.8921.411.032.534.80%13.52x11.80 xFormosa Petrochemical Corporation 1.051.002.2910.049.8321.750.300.951.40%32.31x24.86xTarga Resources Corp.178.5093.49218.5138.9255.0216.224.023.9624.80%13.68x8.60 xPembina Pipeline Corporation

126、 36.9132.0542.8621.4332.197.312.352.0532.10%13.73x14.18xOMV Aktiengesellschaft 38.7437.8850.5712.6522.4634.476.057.8017.55%3.71x2.78xENEOS Holdings,Inc.5.263.875.6914.4734.2884.074.244.715.04%8.09x7.72xHF Sinclair Corporation 35.0533.4764.166.598.5729.741.032.773.48%8.29x4.77xSK Innovation Co.,Ltd.7

127、5.9863.7291.1711.2532.9956.981.562.562.73%21.20 x10.68xSunoco LP 51.4449.4564.897.0014.7322.691.310.825.76%11.27x11.21xCVR Energy,Inc.18.7415.6038.071.883.167.870.461.425.89%6.84x2.80 xAverage 8.96%12.56x8.77xMedian5.04%11.29x7.72xSource:Capital IQ as of latest filings available(December 31,2024)Not

128、e:The information presented reflects analytical data and indicators from key public entities that make up the gas specialist subsector of the Oil and Gas industry as of December 31,2024 latest filings.The selected companies were sorted by order of the largest market capitalization from the entire su

129、bindustrys public company universe to highlight their financial status and capital adequacy.Therefore,the averages presented only account for the major players and not the entire subindustry.*Note:Values correspond to latest data available at the time this report was elaborated.Gas SpecialistsCompan

130、y Trading Statistics27Trading StatisticsM&A TransactionsMarket ReviewGlobal Data(USD bn,except for per-share data)Share Price52-Week Share PriceMarket CapEnterprise Value Revenues EBITDA EBITDA Margin EV/EBITDA 31-dec-24 Low HighLTM LTMFY2023LTM LTM FY2023 Gas SpecialistThe Williams Companies,Inc.54

131、.1233.8561.4665.9794.7910.755.566.2951.69%17.06x10.89xWoodside Energy Group Ltd*15.2214.6119.7228.9134.4612.587.978.7063.35%4.32x5.05xCheniere Energy,Inc.214.87152.31257.6548.2176.4015.588.0616.7151.76%9.47x4.03xONEOK,Inc.100.4070.94118.0758.6686.2219.935.614.2228.15%15.36x14.85xTC Energy Corporatio

132、n 46.5334.9550.3748.33103.859.575.986.6162.44%17.38x13.63xKinder Morgan,Inc.27.4016.9131.4860.8794.3015.106.676.4644.17%14.14x11.14xCoterra Energy Inc.25.5422.3029.9518.8120.345.503.453.8062.72%5.90 x5.51xAverage 52.04%11.95x9.30 xMedian51.76%14.14x10.89xNote:The information presented reflects analy

133、tical data and indicators from key public entities that make up the gas specialist subsector of the Oil and Gas industry as of December 31,2024 latest filings.The selected companies were sorted by order of the largest market capitalization from the entire subindustrys public company universe to high

134、light their financial status and capital adequacy.Therefore,the averages presented only account for the major players and not the entire subindustry.*Note:Values correspond to latest data available at the time this report was elaborated.Source:Capital IQ as of latest filings available(December 31,20

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