KROLL-全球石油和天然气并购展望——2025年第一季度（英）_36页_4mb

Summary of Global Oil and Gas M&A Outlook Q1 2025

• Overall M&A Activity: Q1 2025 recorded a 31% quarterly decrease in deal count and a 3% decline in disclosed value, totaling 104 deals with USD 45.6 billion disclosed value, driven by market volatility from policy shifts.

• Regional Trends: North America leads, accounting for 46.6% of deals and 77.9% of disclosed value, with the U.S. contributing 38.5% of deals and 80.0% of disclosed value. Canada and Peru saw additional activity in midstream and energy sectors.

• Key Deal Highlights: Q1 featured 10 megadeals totaling USD 45.6 billion, including ADNOC's USD 13.4 billion acquisition of Nova Chemicals and Whitecap Resources' USD 6.4 billion deal for Veren Inc.

• Subsector Performance: Upstream saw the largest deal count reduction (39.8% YoQ), while midstream experienced a significant value drop (56% YoQ). Downstream benefited from growth, with ADNOC's deal contributing USD 13.4 billion.

• Commodity Prices: Prices were volatile, with WTI decreasing by 0.3% QoQ and key natural gas benchmarks like Henry Hub rising by 13.4% due to demand shifts and policy changes.

• Economic Factors: Fed maintained interest rates at 4.5% amid inflation concerns; ECB cut rates to 2.65%, boosting Eurozone equities and diversifying U.S. LNG exports.

• Company Metrics: Subsector averages show EV/EBITDA around 5.74x and EBITDA margins at 19.34% for oilfield services, reflecting cautious market dynamics.

• Market Outlook: Reduced deal activity stemmed from corporate focus on cash flow and portfolio clustering amid global economic uncertainty.