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Oil and Gas Companies Targets Merger and Acquisition
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Oil and gas companies, including Devon Energy, Occidental Petroleum and Chesapeake Energy, could be targets for mergers and acquisitions in the coming year after bottoming out in 1Q 2009, M&A in the industry have been on a sharp upswing, said Deloitte vice chairman and senior oil & gas leader Gary Adams at the Energy M&A Forum.
Oil and gas industry is positioned to recover well from the economic downturn, he said, although questions remain about the duration of the recession and how long it will take for the world economy to regain its footing.
A bright spot for US companies, he said, is increasing interest among international markets for developing unconventional gas plays. Exploration and production in other parts of the world will largely rely on technology developed in America. ‘It is a tremendous opportunity in the United States for us to take the lead in this technology,’ he said.
But a number of factors could put a damper on M&A activity in coming months, including uncertainty over proposed cap and trade legislation in the US. The effort to impose fees ‘appears to be losing steam’ as industry-friendly Republicans seem poised for gains in upcoming congressional elections, Adams said. But ‘the industry is starting to watch this closely.’
Low natural gas prices, which have been stuck below $6/mmbtu for some time, and overcapacity in the North American market could also tamp down enthusiasm for investment.
Natural gas production should increase by about 3% in 2010, although consumption is likely to remain flat throughout the year before picking up in 2011, Adams said.
Rounding out Adams’ Top 10 list of potential energy acquisitions in 2010 are Range Resources, Cabot Oil & Gas, Marathon Oil, Murphy Oil, Newfield Exploration, Anadarko Petroleum and Petrohawk Energy.
North American unconventional gas plays have been a particular area of interest for companies with money to invest, Adams said. The top three deals in 2009 were in unconventionals, he said, most prominently ExxonMobil’s pending $41 billion acquisition of XTO Energy, which will give the supermajor a large stake in the Marcellus and Haynesville shale plays.
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