total number of announced mergers and acquisitions (MA) with the oil and gas companies in the world in 2009 was 837 compared with 1,152 deals a year earlier, according to an annual study of Ernst Young (EY).
Thus the share of oil and gas companies had 72% of total global M A. The aggregate value of transactions in the oil and gas industry rose last year by 10% - up to $ 198 billion, which is somewhat surprising against the background down the average prices of raw materials in 2009.
past year for many enterprises in oil and gas sector has been very difficult, but for companies with good balance indicators, he suggested opportunities. According to the results of the third annual study EY "Review of transactions in the oil and gas industry, market participants estimate the forecast for 2010 as positive.
In the second half of last year"s market MA showed higher activity - 485 deals against 352 deals during the same period a year earlier. The total value of these transactions in the January-June amounted to $ 109 billion, whereas in the first half of the figure was $ 89 billion increase by 22% due to the improvement of the situation in the capital markets and the growing consensus on the forecast of oil prices, notes E Y.
"In 2010, positive trends in recent months seems to continue, and the forecast for transactions in the oil and gas exploration and service segment is very favorable. As for the segment of oil refining, then due to overcapacity in some regions of the period of uncertainty and weak dynamics deals here may be delayed. However, as shown in 2009, that is a problem for some, others saw as a possibility, "- said the head of international practice EY advisory services for transactions Oil & Gas Andy Brogan.
At the same time in 2009, the level of activity in the market for oilfield services declined by almost 60%: 79 deals completed compared with 202 transactions in 2008. Based on the operations, which cost was revealed, the total value of transactions last year totaled $ 11.4 billion, which is 62% lower than in 2008 ($ 30.1 billion).
"The difficulties in financing, decline in oil prices from an average of $ 96.87 in 2008 to $ 61.54 in 2009, as well as ongoing cost reduction program statements - these are the main reasons for the sharp deterioration in the dynamics of transactions. However, the purchaser entered into this stage of the cycle with a high balance indicators. They were able to take advantage of the weakened position of others and to conduct an additional number of successful transactions, "- noted the director of the practice of EY in providing services to companies of oil and gasindustry, John Clark.
In 2009, oil and gas sector recorded a further decrease in activity dynamics MA, that is, marked another year earlier trend continued. The number of transactions totaled 153, up almost 30% lower than in 2008. The total disclosed value of MA with the oil and gas refining companies in the past year totaled $ 38 billion against $ 40 billion a year earlier.
At the same time, the dynamics of major deals in the oil and gas sector is rapidly restored in 2009. Despite the decline in the number of transactions from 730 in 2008 to 605 last year, their total value increased by 33% - up to $ 149 billion from $ 112 billion
"Oil becomes more expensive, equity returns in the sector, are increasingly defrosted development projects, the budget for mineral exploration in 2010, expanded", - considers Clark.
"However, many industry participants last year was not the most successful, and in connection with the heterogeneity of successful mining companies, they still are divided into leaders and laggards. And while rising oil prices contributed to the making equity investments, tightening financing conditions continue to adversely affect the activities of many companies, whether in equity or debt capital. We will carefully monitor the results of the 2010 transactions IPO ", - said in a statement E Y.
"With stability comes to the market participants confidence in the oil and gas sector investment returns. The 2010 planned number of IPOs. If they prove successful, the sector will again be of great interest to investors," - noted in the review.
"In 2009, the market of mergers and acquisitions in the oil and gas sector was leading in volume of transactions compared to other industries in Russia, - says Pauline Galova, a partner at Ernst & Young, team leader for the provision of fuel and energy services companies and electric power in the CIS . - Even though the bulk came in large transactions (over $ 1.5 billion each), we noted the tendency of reviving interest in small-scale and medium-sized oil companies from investors. The interest is understandable: investors expect a higher yield of these investments, caused the right choice time for transactions. Further recovery of the market and rising oil prices in the coming years should lead to a "wave" IPO among small-scale oil and gas companies. oilfield in the area marked recovery over the first months of the crisis, but most of the transactions stops at some stage in due to a mismatch of price expectations of sellers and buyers ".
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