Oil & Gas Quarterly Deals Analysis - M&A and Investment Trends, Q4 2011

This report is an essential source of data and trend analysis on mergers and acquisitions (M&As) and financings in the oil and gas industry. The report provides detailed information on M&As, equity/debt offerings, private equity (PE), venture financing and partnership transactions registered in the oil and gas industry in Q4 2011. The report provides detailed comparative data on the number of deals and their value in the last five quarters segregated into deal types, segments, and geographies. Besides, the report provides information on the top PE, venture capital (VC), and advisory firms in the oil and gas industry.

Data presented in this report is derived from GlobalData's proprietary in-house Energy eTrack deals database and primary and secondary research.

Scope

• Analyze market trends for the oil and gas industry in the global arena
• Review of deal trends in upstream, midstream, downstream, and equipment & services segments
• Analysis of M&A, Equity/Debt Offerings, Private Equity, Venture Financing and Partnerships in the oil and gas industry
• Summary of oil and gas deals globally in the last five quarters
• Information on the top deals that took place in the industry
• Geographies covered include - North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa
• League Tables of financial advisors in M&A and equity/debt offerings. This includes key advisors such as Morgan Stanley, Credit Suisse, and Goldman Sachs
• Review the financial metrics, such as operating profit ratio, P/E ratio, and EV/EBITDA on mergers and acquisitions

Reasons to buy

• Enhance your decision making capability in a more rapid and time sensitive manner
• Find out the major deal performing segments for investments in your industry
• Evaluate type of companies divesting / acquiring and ways to raise capital in the market
• Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the oil and gas industry
• Identify major private equity/venture capital firms that are providing finance in the oil and gas industry
• Identify growth segments and opportunities in each region within the industry
• Look for key financial advisors where you are planning to raise capital from the market or for acquisitions within the industry
• Identify top deals makers in the oil and gas industry

Additional Information:

M&A Activity Increased In The Oil And Gas Market In Q4 2011

M&As, which include change in ownership and control of companies (GlobalData does not consider this value as a new investment in the market), in the oil and gas industry recorded an increase in Q4 2011. The oil and gas industry registered an increase of 17% in the number of deals and 31% in deal value with 169 deals worth $70.2 billion in Q4 2011, as compared to 144 deals worth $53.4 billion in Q3 2011. Kinder Morgan’s agreement to acquire El Paso for $37.8 billion was the major deal that led a substantial increase in deal values in the midstream sector in Q4 2011. The transaction valued the midstream assets of El Paso at $31.8 billion and the upstream assets at $6 billion.

The industry registered eight high-value deals of over $1 billion in Q4 2011, which accounted for 80% of the total deal value in the quarter. North America accounted for nearly half of the M&A deals in the oil and gas industry with 78 deals in Q4 2011, up 8% over the previous quarter’s 72 deals. Asia-Pacific recorded an increase with 36 deals in Q4 2011, up 57% from 23 deals in Q3 2011.

M&As in the upstream and midstream sectors registered an increase in the number of deals with 75 and 34 deals respectively in Q4 2011, as compared to 53 and 20 deals respectively in Q3 2011.

According to Swati Singh, Lead Analyst at GlobalData, “M&A activity in the Oil & Gas industry rose in 2011 as compared to 2010 both in terms of deal volume and the total deal value. Oil and gas companies struck 657 M&A deals worth $278 billion, compared with 638 M&A deals worth $217 billion recorded in 2010. The top 15 M&A transactions accounted for 44% of the total deal value on 2011; the largest transactions included Kinder Morgan's acquisition of El Paso for $37.8 Billion and BHP Billiton acquisition of Petrohawk Energy for $15.1 Billion. With crude oil prices stabilizing above $95 a barrel, the positive trend that we have seen in the recent months is likely to continue into 2012 with Asian companies expected to be the major players in the M&A landscape. Major IOCs and Asian National Oil companies are expected to drive M&A investment in unconventional oil and gas sector to offset their output declines from mature assets and to secure energy supplies.”

New Investments Increased In The Oil and Gas Industry In Q4 2011

New investments in oil and gas companies, including financing through equity offerings, debt offerings, private equity and venture financing, registered a significant increase of 61% in deal value with $76.1 billion in Q4 2011, as compared to $47.3 billion in Q3 2011. The number of deals also registered a 45% increase from 258 in Q3 2011 to 375 in Q4 2011.

The majority of investments came from the debt market and reached $48.3 billion in Q4 2011, which accounted for 63% of new investments in the oil & gas industry. Global debt offerings, including public and private debt placements, registered a significant increase of 41% in the number of deals and 32% in deal value with 97 deals worth $48.3 billion in Q4 2011, as compared to 69 deals worth $36.5 billion in Q3 2011. Upstream and downstream sectors attracted new investments, which amounted to $32 billion and $12 billion respectively in Q4 2011. Capital raising, through debt offerings, by companies in Europe registered a significant increase in the number of deals and value, with 27 deals worth $21.8 billion in Q4 2011, as compared to 12 deals worth $12.4 billion in Q3 2011.

Global equity offerings, including initial public offerings (IPOs), secondary offerings, and private investment in public equities (PIPEs), registered an increase of 41% in the number of deals and 74% in deal value with 254 deals worth $18.8 billion in Q4 2011, as compared to 179 deals worth $10.8 billion in Q3 2011. Companies in North America recorded the majority of equity offering deals and deal value with 180 deals worth $10.7 billion in Q4 2011, followed by companies in Europe with 23 deals worth $2 billion.

The PE/VC deal value recorded a substantial increase from $1.6 billion in Q3 2011 to $11.5 billion in Q4 2011. The large difference in deal value was due to the high value deal of KKR, Crestview Partners, NGP Energy Capital and ITOCHU’s agreement to acquire Samson Investment for $7.2 billion recorded in Q4 2011. The number of PE/VC deals also registered an increase from 25 in Q3 2011 to 38 in Q4 2011.

Asset Transactions Increased In The Oil And Gas Industry In Q4 2011

Asset transactions in the oil & gas industry registered a significant increase of 91% in deal value from $11.7 billion in Q3 2011 to $22.4 billion in Q4 2011. On a year-on-year basis, the industry registered a decrease of 23% in deal value from $29.2 billion in Q4 2010 to $22.4 billion in Q4 2011. The number of asset transactions registered a 10% decrease from 300 in Q3 2011 to 269 in Q4 2011.

KazMunaiGas’s agreement to acquire a 10% interest in Karachaganak field for $3 billion; Total’s acquisition of 25% interest in oil and gas properties in Utica shale play from Chesapeake Exploration and EnerVest for $2.32 billion; Plains All American Pipeline’s agreement to acquire Canadian NGL & LPG business of BP for $1.67 billion; and Centrica’s agreement to acquire oil and gas assets in Norway North Sea from Statoil Petroleum for $1.63 billion were some of the high value deals registered in Q4 2011.

The average cost of production ($) per barrel of oil equivalent (boe) incurred by companies in acquiring assets and companies in the upstream sector registered a decrease from $88,473.6 in Q3 2011 to $76,670.7 in Q4 2011. In terms of 1P or proved reserves, the average implied deal value registered a decrease from $16.7 in Q3 2011 to $14.5 in Q4 2011. 2P or proved plus probable also recorded a decrease from $14 in Q3 2011 to $12.4 in Q4 2011.

The majority of the oil and gas companies are showing interest in buying new assets in the high potential, minimal exploratory risk unconventional shale plays, with some of the major deals involving Utica, Barnett and Bakken Shale assets in Q4 2011. The Industry recorded some of the major deals such as Total’s acquisition of 25% interest in oil and gas properties in Utica shale play from Chesapeake Exploration and EnerVest for $2.32 billion; EV Energy Partners and EnerVest’s acquisition of natural gas properties in Barnett shale from EnCana Oil & Gas for $860m; Kodiak Oil & Gas’s acquisition of another 50,000 net Bakken acres in North Dakota for $638m; and Mercuria Energy’s agreement to sell interests in oil and gas properties in Bakken, North Dakota for $354m.

According to Swati Singh, Lead Analyst at GlobalData, “Unconventional assets transaction dominated the assets market in 2011. Super major energy companies and NOCs dominated the asset transaction market in 2011. Unconventional oil and gas resources will continue to dominate oil and gas M&A activities and companies focus will be more towards liquid rich shale gas plays (Eagle Ford, Marcellus) and oil shale plays such as Bakken. Frontier deepwater areas such as Ghana, Israel and Mozambique will see some assets transaction in coming years especially from supermajors with deeper pockets and better access to technological experience.”

Capital Raising Through Equity and Debt Offerings Increased In Q4 2011

Capital raising, through the issuance of debt instruments, in the oil and gas industry recorded an increase of 41% in the number of deals and 32% in deal value with 97 deals worth $48.3 billion in Q4 2011, as compared to 69 deals $36.5 billion in Q3 2011. In particular, capital raising through private debt placements recorded a substantial increase in deal value from $4.7 billion in Q3 2011 to $17.5 billion in Q4 2011. The large difference in deal value was due to more than 11 high value deals (greater than $500m each), which contributed $12.4 billon to total deal value in Q4 2011.

The raising of capital, through equity offerings, reached the highest level since Q4 2010. The oil and gas industry recorded an increase in the number of deals and deal value with 254 deals worth $18.8 billion in Q4 2011, as compared to 179 deals worth $10.8 billion in Q3 2011, indicating an increase of 41% in the number of deals and 74% in deal value.

Private investment in public equity (PIPE) deals recorded a significant increase of 50% in the number of deals and 335% in deal value with 162 deals worth $7.4 billion in Q4 2011, as compared to 108 deals worth $1.7 billion in Q3 2011. Secondary offerings also recorded an increase of 48% in the number of deals and 98% in deal value with 80 deals worth $9.9 billion in Q4 2011, as compared to 54 deals worth $5 billion in Q3 2011.

Deals Increased In North America, Europe And Asia-Pacific In Q4 2011

All the regions recorded an increase in the deal activity in Q4 2011, as compared to Q3 2011. North America, Europe and Asia-Pacific recorded 515, 145 and 132 deals in Q4 2011, as compared to 459, 102 and 110 deals respectively in Q3 2011.

Deal values increased sharply in North America from $74 billion in Q3 2011 to $112.5 billion in Q4 2011. In North America, Kinder Morgan’s agreement to acquire El Paso for $37.8 billion; KKR, Crestview Partners, NGP Energy Capital and ITOCHU’s agreement to acquire Samson Investment for $7.2 billion; Complete Production Services’s agreement to merge with Superior Energy Services, values at $6.2 billion; and Statoil’s agreement to acquire Brigham Exploration for $4.7 billion were some of the high-value deals that raised the deal value in Q4 2011.

Asia-Pacific also recorded a significant increase of 69% in deal value with $9.8 billion in Q4 2011, as compared to $5.8 billion in Q3 2011. The significant difference in deal value was due to five high-value deals ranging between $500m to $3,000m, which contributed $6 billion to the total deal value in Q4 2011.

Table of Contents

1 Table of Contents 2
1.1 List of Tables 3
1.2 List of Figures 5

2 Oil & Gas Industry, Global, Deals Summary 6
2.1 Oil & Gas Industry, Global, Deals Analysis, Q4 2011 6
2.2 Oil & Gas Industry, Global, Number of Deals by Type, Q4 2011 8
2.3 Oil & Gas Industry, Global, Top Deals, Q4 2011 9

3 Oil & Gas Industry, Global, Top Deal Makers, Q4 2011 10

4 Oil & Gas Industry, Global, Deals Summary, by Type 11
4.1 Oil & Gas Industry, Global, Asset Transactions, Q4 2011 11
4.1.1 Top Asset Transactions in Q4 2011 12
4.2 Oil & Gas Industry, Global, Mergers and Acquisitions, Q4 2011 13
4.2.1 Top M&A Deals in Q4 2011 14
4.3 Oil & Gas Industry, Global, Equity Offerings, Q4 2011 15
4.3.1 Top IPOs in Q4 2011 16
4.3.2 Top Secondary Offerings in Q4 2011 16
4.3.3 Top PIPE Deals in Q4 2011 16
4.4 Oil & Gas Industry, Global, Debt Offerings, Q4 2011 17
4.4.1 Oil & Gas Industry, Top Public Debt Offerings in Q4 2011 18
4.4.2 Oil & Gas Industry, Top Private Debt Placements in Q4 2011 18
4.5 Oil & Gas Industry, Global, Private Equity and Venture Capital, Q4 2011 19
4.5.1 Top PE/VC Deals in Q4 2011 20
4.5.2 Oil & Gas Industry, Global, Top PE/VC Firms, Q1 2011-Q4 2011 21
4.6 Oil & Gas Industry, Global, Partnerships, Q4 2011 22
4.6.1 Partnership Deals in Q4 2011 23

5 Oil & Gas Industry, Global, M&A Financial Analysis 24
5.1 Oil & Gas, Global, Acquisitions, Average Deal Value versus Median Deal Value, Q4 2010-Q4 2011 24
5.2 Oil & Gas Industry, Global, Acquisitions, Average Price Earnings (PE) of Acquired Companies, Q4 2010-Q4 2011 25
5.3 Oil & Gas Industry, Global, Acquisitions, Average EV/EBITDA of Acquired Companies, Q4 2010-Q4 2011 26
5.4 Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Operating Profit (DV/OP), Q4 2010-Q4 2011 27
5.5 Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share (Avg. DVPS) versus Average Market Price Per Share (MPPS), Q4 2010-Q4 2011 28
5.6 Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share (DVPS) versus Average Book Value Per Share (BVPS), Q4 2010-Q4 2011 29
5.7 Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Sales (DV/Sales), Q4 2010-Q4 2011 30

6 Oil & Gas Industry, Global, Deals Summary, by Sector 31
6.1 Upstream Oil & Gas Deals, Global, Q4 2011 31
6.1.1 Upstream Energy - Deals of the Quarter 32
6.2 Upstream Oil & Gas, Global, Acquisitions and Asset Purchase Deals' Multiples, Q4 2010-Q4 2011 34
6.3 Upstream Oil & Gas, Deal Multiples, by Geography 35
6.3.1 North America, Upstream Acquisitions and Asset Transaction Multiples, Q4 2010-Q4 2011 35
6.3.2 Europe, Upstream Acquisitions and Asset Transaction Multiples, Q4 2010-Q4 2011 35
6.3.3 Asia-Pacific, Upstream Acquisitions and Asset Transactions' Multiples, Q4 2010-Q4 2011 35
6.3.4 Rest of the World, Upstream Acquisitions and Asset Transaction Multiples, Q4 2010-Q4 2011 36
6.4 Midstream Oil & Gas Deals, Global, Q4 2011 37
6.4.1 Midstream Energy - Deals of the Quarter 38
6.5 Downstream Oil & Gas Deals, Global, Q4 2011 40
6.5.1 Downstream Energy - Deals of the Quarter 41
6.6 Equipment and Services Oil & Gas Deals, Global, Q4 2011 42
6.6.1 Equipment and Services - Deals of the Quarter 43

7 Oil & Gas Industry, Deals Summary, by Geography 44
7.1 Oil & Gas Industry, North America Deals, Q4 2011 44
7.1.1 North America - Deals of the Quarter 45
7.1.2 Oil & Gas Industry, North America, Acquisitions and Asset Transactions' Multiples, Q4 2010-Q4 2011 47
7.2 Oil & Gas Industry, Europe, Deals, Q4 2011 48
7.2.1 Europe - Deals of the Quarter 49
7.3 Oil & Gas Industry, Asia-Pacific Deals, Q4 2011 50
7.3.1 Asia-Pacific - Deals of the Quarter 51
7.4 Oil & Gas Industry, Rest of the World Deals, Q4 2011 52
7.4.1 Rest of the World - Deals of the Quarter 53

8 Oil & Gas Industry, Global, Top Advisors 54
8.1 Oil & Gas Industry, Global, Top Financial Advisors, M&A, Q1 2011-Q4 2011 54
8.2 Oil & Gas Industry, Global, Top Financial Advisors, Equity Offerings, Q1 2011-Q4 2011 55
8.3 Oil & Gas Industry, Global, Top Financial Advisors, Debt Offerings, Q1 2011-Q4 2011 56

9 Appendix 57

10 Further Information 60
10.1 Methodology 60
10.2 About GlobalData 60
10.3 Contact Us 61
10.4 Disclosure information 61
10.5 Disclaimer 61

List of Tables

Table 1: Oil & Gas Industry, Global, Deals Summary, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 7
Table 2: Oil & Gas Industry, Global, Deals By Type, Deals (Number and %), Q4 2011 8
Table 3: Oil & Gas Industry, Global, Top Deals, Q4 2011 9
Table 4: Oil & Gas Industry, Global, Top Deal Makers, Number of Deals and Deal Values (US$m), Q4 2011 10
Table 5: Oil & Gas Industry, Global, Asset Transactions, Deals Summary, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 11
Table 6: Oil & Gas Industry, Global, Top Asset Transactions, Q4 2011 12
Table 7: Oil & Gas Industry, Global, M&A, Deals Summary, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 13
Table 8: Oil & Gas Industry, Global, Top M&A Deals, Q4 2011 14
Table 9: Oil & Gas Industry, Global, Equity Offerings, Deals Summary, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 15
Table 10: Oil & Gas Industry, Global, Top IPOs, Q4 2011 16
Table 11: Oil & Gas Industry, Global, Top Secondary Offerings, Q4 2011 16
Table 12: Oil & Gas Industry, Global, Top PIPE Deals, Q4 2011 16
Table 13: Oil & Gas Industry, Global, Debt Offerings, Deals Summary, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 17
Table 14: Oil & Gas Industry, Global, Top Public Debt Offerings, Q4 2011 18
Table 15: Oil & Gas Industry, Global, Top Private Debt Placements, Q4 2011 18
Table 16: Oil & Gas Industry, Global, PE/VC, Deals Summary, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 19
Table 17: Oil & Gas Industry, Global, Top PE/VC Deals, Q4 2011 20
Table 18: Oil & Gas Industry, Global, Top PE/VC Firms, Number of Deals and Deal Value (US$m), Q1 2011-Q4 2011 21
Table 19: Oil & Gas Industry, Global, Partnerships, Deals Summary, Q4 2010-Q4 2011 22
Table 20: Oil & Gas Industry, Global, Acquisitions, Average Deal Value versus Median Deal Values, (US$m), Q4 2010-Q4 2011 24
Table 21: Oil & Gas Industry, Global, Acquisitions, Average PE of Acquired Companies, Q4 2010-Q4 2011 25
Table 22: Oil & Gas Industry, Global, Acquisitions, Average EV/EBITDA of Acquired Companies, Q4 2010-Q4 2011 26
Table 23: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Operating Profit, Q4 2010-Q4 2011 27
Table 24: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share versus Average Market Price Per Share, Q4 2010-Q4 2011 28
Table 25: Oil & Gas Industry, Global, Acquisitions, Average Deal Value per Share versus Average Book Value per Share, Q4 2010-Q4 2011 29
Table 26: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Sales, Q4 2010-Q4 2011 30
Table 27: Upstream Oil & Gas , Global, Deals Summary, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 32
Table 28: Upstream Oil & Gas , Global, Acquisitions and Asset Transaction Multiples, Q4 2010-Q4 2011 34
Table 29: Oil & Gas Industry, North America, Upstream Acquisitions and Asset Transaction Multiples, Q4 2010-Q4 2011 35
Table 30: Oil & Gas Industry, Europe, Upstream Acquisitions and Asset Transaction Multiples, Q4 2010-Q4 2011 35
Table 31: Oil & Gas Industry, Asia-Pacific, Upstream Acquisitions and Asset Transaction Multiples, Q4 2010-Q4 2011 35
Table 32: Oil & Gas Industry, Rest of the World, Upstream Acquisitions and Asset Transactions' Multiples, Q4 2010-Q4 2011 36
Table 33: Midstream Oil & Gas , Global, Deals Summary, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 38
Table 34: Downstream Oil & Gas , Global, Deals Summary, Number of Deals and Deal Value (US$m), Q4 2010-Q4 2011 40
Table 35: Equipment and Services Oil & Gas , Global, Deals Summary, Number of Deals and Deal Value (US$m), Q4 2010-Q4 2011 43
Table 36: Oil & Gas Industry, North America, Deals Summary, Number of Deals and Deal Value (US$m), Q4 2010-Q4 2011 45
Table 37: Oil & Gas Industry, North America, Acquisitions and Asset Transaction Multiples, Q4 2010-Q4 2011 47
Table 38: Oil & Gas Industry, Europe, Deals Summary, Number of Deals and Deal Value (US$m), Q4 2010-Q4 2011 48
Table 39: Oil & Gas Industry, Asia-Pacific, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 50
Table 40: Oil & Gas Industry, Rest of the World, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 52
Table 41: Oil & Gas Industry, Global, Top Financial Advisors, M&A, Number of Deals and Deal Values (US$m), Q1 2011-Q4 2011 54
Table 42: Oil & Gas Industry, Global, Top Financial Advisors, Equity Offerings, Number of Deals and Deal Values (US$m), Q1 2011-Q4 2011 55
Table 43: Oil & Gas Industry, Global, Top Financial Advisors, Debt Offerings, Number of Deals and Deal Values (US$m), Q1 2011-Q4 2011 56
Table 44: Oil & Gas Industry, Deals' Key Financials, Global Acquisitions And Private Equity Deals, Q4 2010-Q4 2011 57

List of Figures

Figure 1: Oil & Gas Industry, Global, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 6
Figure 2: Oil & Gas Industry, Global, Number of Deals by Type (%), Q4 2011 8
Figure 3: Oil & Gas Industry, Global, Asset Transactions, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 11
Figure 4: Oil & Gas Industry, Global, M&A, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 13
Figure 5: Oil & Gas Industry, Global, Equity Offerings, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 15
Figure 6: Oil & Gas Industry, Global, Debt Offerings, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 17
Figure 7: Oil & Gas Industry, Global, PE/VC, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 19
Figure 8: Oil & Gas , Global, Top PE/VC Firms, Number of Deals and Deal Values (US$m), Q1 2011-Q4 2011 21
Figure 9: Oil & Gas Industry, Global, Partnerships, Q4 2010-Q4 2011 22
Figure 10: Oil & Gas Industry, Global, Acquisitions, Average Deal Value versus Median Deal Value, (US$m), Q4 2010-Q4 2011 24
Figure 11: Oil & Gas Industry, Global, Acquisitions, Average PE of Acquired Companies, Q4 2010-Q4 2011 25
Figure 12: Oil & Gas Industry, Global, Acquisitions, Average EV/EBITDA of Acquired Companies, Q4 2010-Q4 2011 26
Figure 13: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Operating Profit, Q4 2010-Q4 2011 27
Figure 14: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share versus Average Market Price Per Share, Q4 2010-Q4 2011 28
Figure 15: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Share versus Average Book Value Per Share, Q4 2010-Q4 2011 29
Figure 16: Oil & Gas Industry, Global, Acquisitions, Average Deal Value Per Sales, Q4 2010-Q4 2011 30
Figure 17: Upstream Oil & Gas , Global, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 31
Figure 18: Upstream Oil & Gas , Global, Acquisitions and Asset Purchase Deals' Multiples, Q4 2010-Q4 2011 34
Figure 19: Midstream Oil & Gas , Global, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 37
Figure 20: Downstream Oil & Gas , Global, Number of Deals and Deal Value (US$m), Q4 2010-Q4 2011 40
Figure 21: Equipment and Services Oil & Gas , Global, Number of Deals and Deal Value (US$m), Q4 2010-Q4 2011 42
Figure 22: Oil & Gas Industry, North America, Number of Deals and Deal Value (US$m), Q4 2010-Q4 2011 44
Figure 23: Oil & Gas Industry, North America, Acquisitions and Asset Transaction Multiples, Q4 2010-Q4 2011 47
Figure 24: Oil & Gas Industry, Europe, Number of Deals and Deal Value (US$m), Q4 2010-Q4 2011 48
Figure 25: Oil & Gas Industry, Asia-Pacific, Number of Deals and Deal Value (US$m), Q4 2010-Q4 2011 50
Figure 26: Oil & Gas Industry, Rest of the World, Number of Deals and Deal Values (US$m), Q4 2010-Q4 2011 52
Figure 27: Oil & Gas Industry, Global, Top Financial Advisors, M&A, Number of Deals and Deal Values (US$m), Q1 2011-Q4 2011 54
Figure 28: Oil & Gas Industry, Global, Top Financial Advisors, Equity Offerings, Number of Deals and Deal Values (US$m), Q1 2011-Q4 2011 55
Figure 29: Oil & Gas Industry, Global, Top Financial Advisors, Debt Offerings, Number of Deals and Deal Values (US$m), Q1 2011-Q4 2011 56