Oil and gas M&A : a practical handbook

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Summary: The downturn in the oil commodity price starting in 2014 had a chilling effect on oil and gas mergers and acquisitions (M&A). However, recent price stabilisation has improved the outlook for M&A activity. A feature of the M&A industry has always been its variety of participants, ranging from integrated energy conglomerates to entrepreneurial frontier explorers. New entrants include state-owned oil companies, financial investors, diversifying service contractors and oil traders. With the growth of specialist stock markets, junior and independent oil companies are better able to raise acquisition finance than ever before, and companies specialising in end-of-life reservoirs are filling the spaces left as oil majors go in search of new opportunities. Transaction types are also diverse and are completed using a variety of different deal structures. This book provides chapters on each type of acquisition method, and includes an analysis of the underlying structuring decisions. It covers a number of ancillary areas, including valuations, financing, tax and accounting. Decommissioning liability is also considered in an M&A context. In this edition, a number of new chapters are also featured, covering topics such as competition law, environmental law and dealing with material adverse changes

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Summary: The downturn in the oil commodity price starting in 2014 had a chilling effect on oil and gas mergers and acquisitions (M&A). However, recent price stabilisation has improved the outlook for M&A activity. A feature of the M&A industry has always been its variety of participants, ranging from integrated energy conglomerates to entrepreneurial frontier explorers. New entrants include state-owned oil companies, financial investors, diversifying service contractors and oil traders. With the growth of specialist stock markets, junior and independent oil companies are better able to raise acquisition finance than ever before, and companies specialising in end-of-life reservoirs are filling the spaces left as oil majors go in search of new opportunities. Transaction types are also diverse and are completed using a variety of different deal structures. This book provides chapters on each type of acquisition method, and includes an analysis of the underlying structuring decisions. It covers a number of ancillary areas, including valuations, financing, tax and accounting. Decommissioning liability is also considered in an M&A context. In this edition, a number of new chapters are also featured, covering topics such as competition law, environmental law and dealing with material adverse changes