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Oil and Gas M&A

Oil and Gas M&A

Marc Hammerson | John LaMaster

(2018)

Additional Information

Abstract

The downturn in the oil commodity price starting in 2014 had a chilling effect on oil and gas M&A. However, recent price stabilisation has improved the outlook for M&A activity, making a second edition of this book most timely. 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. As well as providing chapters on each type of acquisition method, this book also includes an analysis of the underlying structuring decisions. In addition, this practical guide covers a number of ancillary areas, including valuations, financing, tax and accounting. Decommissioning liability is also considered in an M&A context. A number of new chapters are also featured, covering topics such as competition law, environmental law and dealing with material adverse changes. This comprehensive new edition will prove an essential resource to anyone involved in the upstream industry M&A process including lawyers, bankers, financiers, business executives, accountants and tax advisers.

Table of Contents

Section Title Page Action Price
Cover cover
Title 1
Copyright 2
Table of contents 3
Introduction 5
Valuation 11
Structuring the transaction 31
Private equity investment in the oil and gas industry 45
Share purchase agreements 61
Asset sale and purchase agreements 79
Public takeovers 109
Financing oil and gas M&A transactions 127
Anti-corruption initiatives in upstream oil and gas 147
Disputes in oil and gas M&A transactions 169
Financial and tax due diligence 179
Due diligence and warranties 191
Dealing with material adverse changes in upstream acquisitions and divestitures 215
Environmental considerations in oil and gas M&A 227
Decommissioning in an M&A context 243
Competition law issues in oil and gas M&A 259
About the authors 279
Index 285