KROLL-2024年第四季度全球石油和天然气并购展望（英）

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 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 value of USD46.81 bn.The decline in M&A activity is attributed to a complexinterplayofevents.Majorpubliccompaniesareconsolidating within basins, resulting in fewer attractivetargets.Simultaneously,theTrumpadministration'spolicies may have mixed effects on the U.S. energysector. While pro-energy policies are 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 2024. 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 different 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 disclose 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 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 ReviewGlobal DataKey ConsiderationsEconomic EnvironmentAfter 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 2024, 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