Upstream mergers, acquisitions boom in 2009

There was a 40% increase in upstream oil and gas merger and acquisition value in 2009 to nearly $150 billion, says IHS Herold in its annual review.

Offshore staff

NORWALK, Connecticut – There was a 40% increase in upstream oil and gas merger and acquisition value in 2009 to nearly $150 billion, says IHS Herold in its annual review. Two-thirds of the action was in North America.

The increase in value was propelled by the two largest corporate takeovers since 2006: ExxonMobil’s $41-billion acquisition of XTO Energy and Suncor Energy’s $21-billion merger with Petro-Canada. Deals by national and international oil companies in Africa and other regions also contributed to the increase.

IHS Herold says that crude prices and a continued thawing of the credit markets will positively affect global deal activity in 2010, with more than $20 billion assets on the market and a pool of well-capitalized international buyers seeking to secure supply and grow reserves.

03/08/2010

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