Industry Insights
Global Oil and Gas M&A Outlook
Q3 2023

Executive Summary
In this edition of our Global Oil and Gas M&A Outlook, we
examine and evaluate current trends for commodities prices,leading sector indicators, valuation developments, M&As
performed during the quarter and developments on
featured specialty subsectors.
Our top insights for this edition are detailed below:▪ The LNG market remains heavily impacted by the
Russia’s war on Ukraine, which has caused a seismic shift
in LNG trade flows as the European continent has turned
into a major LNG importer willing to pay premium prices.

▪ The stagnating supply of LNG will continue until 2025–
2026 when a new cycle of liquefaction capacity comes
online. In consequence, the LNG market will face upwardpricing pressure, especially in winter, when European andEast Asian LNG demand may turn inelastic.
▪ In Q3 2023, global M&A activity registered a total of 154
deals with a disclosed value of USD 56.0 billion. The
registered transactions are mainly concentrated in North
America (52% of announced global deals and 77% of
their disclosed value), specifically the U.S., which
represented 36% of global deals with 75% of the global
disclosed value.

Table of Contents

3

Global Data

Selected Global Index Performance
FX Rates of Key Currency Pairs

Market Review

5

14

22
31

Trading Statistics
Leading Sector Indicators
Subsector Focus
Commodity Prices

M&A Transactions

Announced Deals
Hotspots for Oil and Gas Deal Activity
Top 10 Global Deals Announced

Trading Statistics

Commodity Prices
Company Trading Statistics

Stay Ahead with Kroll

Explanatory Note:
To create this report, Kroll prepared a set of peer groups, according to the eight most representative subindustries of the oil and gas sector and the most relevant companies by market
capitalization.
Deals displayed in “Top 10 Global Deals Announced” include acquisitions of private companies that do not disclose some information. Other M&A analysis performed throughout the reportconsiders all available information.
Definition:
LNG: liquefied natural gas.

2

Global Data

Market Review

M&A Transactions

Trading Statistics

Economic Environment
Key Considerations▪ Over the last 12 months, the economic
environment has been largely impacted byinflation levels remaining above policymakers’
targets.
▪ Given the negative nature of elevated inflation,
central banks have implemented
anaggressive monetary policy of interest rateincreases to counter inflation.
▪ In the short term, policymakers have made it
clear that the restrictive cycle and the efforts
against elevated inflation aren’t over.
Therefore, interest rates are set to remain
elevated, while further rate increases may beenacted depending on the economic outcomes.
▪ Given the negative correlation between
interest rates and the performance of moststocks, the current environment of elevatedinterest rates has negatively impacted thefinancial markets around the world, andcompanies’ potential earnings are diminished.
▪ Despite the challenging conditions caused byelevated interest rates and the risk ofrecession in the U.S. and the Eurozone, index
performance levels have grown YoY. The S&P
500 has grown 19.6%, and the Dow Jones hasgrown 16.6%, while MSCI China and Europe
are up 2.9% and 25.4%.

Selected Global Index Performance
150%

100%

50%

0%

-50%

-100%

S&P 500

S&P Oil & Gas E&P

MSCI Emerging Markets

MSCI China

MSCI Europe

Dow Jones Industrial Average

Source: Capital IQ
Explanatory Note:
The graph shown above portrays the performance of selected indexes against the S&P Oil and Gas E&P Industry Index, which encompasses a selection of the most important E&P companies
in the world. The calculation takes September 1, 2017, as the starting point and tracks the percent change until October 1, 2023.
Definition:
E&P: exploration and production.
S&P: Standard & Poor's 500.
MSCI: Morgan Stanley Capital International

3

Global Data

Market Review

M&A Transactions

Trading Statistics

Economic Environment
FX Rates of Key Currency Pairs
Key Exchange Rates

Other Relevant FX Pairs in the Global Oil and Gas Market

2.0
1.8
1.6

FX Pair

2017
Avg.

2018
Avg.

2019
Avg.

2020
Avg.

2021
Avg.

2022
Avg.

2023
Avg.

USD/MXN

18.91

19.23

19.25

21.50

20.28

20.11

17.80

USD/NOK

8.27

8.14

8.80

9.42

8.60

9.61

10.48

USD/BRL

3.19

3.65

3.94

5.16

5.39

5.16

5.01

USD/SAR

3.75

3.75

3.75

3.75

3.75

3.75

3.75

USD/JPY112.14110.41109.01106.77109.82131.42138.15

USD/SKK

26.71

25.54

26.91

26.43

25.48

28.65

27.82

EUR/RUB

65.93

74.05

72.44

82.67

87.19

74.17

90.08

1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0

USD/EUR

USD/CAD

USD/GBPUSD/AUD

Source: Capital IQ
Note: 2023 average considers January–September.

Key Considerations▪ The different banking cycles among the advanced economies are a major driver of FX fluctuations. As central banks evaluate their response, highinterest rates in the short term will make major currencies such as the U.S. dollar or the euro more attractive to investors who look for returns inmore solid currencies.

▪ In Q3 2023, the U.S. dollar has been characterized by its strength and supported by healthy economic activity in the U.S. The lasting strength of
the U.S. dollar will depend on local consumer spending, which may be negatively affected by the depletion of consumer savings and lessfavorable credit conditions after the pandemic.
Definition:
FX: foreign exchange.

4

Global Data

Market Review

M&A Transactions

Trading Statistics

Trading Statistics
Q3 2023 U.S. Crude Oil Exports by Region (MBbls/d)

Europe and Central
Asia

East Asia andPacific

1,824
5.8%

1,370
-4.3%

Middle East
and Africa

14

199
-9.8%

-35.7%South Asia

183
12.9%

South andCentral America

Source: U.S. Department of Energy
Explanatory Note:
Data for this visualization includes U.S. commodity export values from July 2023 to August 2023.
Definition:
MBbls/d: thousand barrels per day.

5

Global Data

Market Review

M&A Transactions

Trading Statistics

Trading Statistics
Key Considerations▪ Throughout 2023, the LNG market hascontinued to face constrained supply and highdemand, keeping prices above the levels
registered before late 2021. This situation is
expected to continue until new liquefaction
capacity becomes available in 2025 and 2026,
mainly in the U.S. and Qatar.

Q3 2023 Top Three Regions by LNG Exports (MMt)Box width represents
LNG exports among
countries within theregion▪ Heightened demand is linked to geopoliticalevents. Specifically, the reduction of Russian
supply to Europe has forced the European
continent to become a major LNG importer.
▪ This situation has benefited major global
exporters of LNG, including MENA, North
America, and Southeast Asia and Oceania,
which together represent 82.6% share of
global LNG exports, equivalent to 80.8 MMt.

▪ In Q3 2023, global LNG trade has decreasedby 3.3 MMt, or 3.2%, compared to Q2 2023
despite the continued high demand andconstrained supply conditions.
▪ Reductions in exports were mainly driven bylack of demand from Western Europe, which
had an import decrease of 7.7 MMt QoQ, due
to weak industrial demand and the continent’s
high levels of gas reserves (96% as of October
2, 2023).
▪ At the same time, exports to East Asia haveincreased
Source:IHS Markitby 3.9 MMt, thanks to stabilizing
prices at levels below the previous year.

Source: IHS Markit

East Asia
0.2

Explanatory Note:
Data for this visualization includes commodity bilateral trade export values of selected regions from July 2023 to September 2023. Values accompanying the boxes indicate the global LNG
exports for each region during the analyzed period.
Definitions:
LNG: liquefied natural gas.
MMt: million metric tons.
QoQ: quarter over quarter.

6

Global Data

Market Review

M&A Transactions

Trading Statistics

Trading Statistics
Key Considerations▪ The rest of the regions highlighted in theillustration are mainly importers of LNG. In Q3
2023, they accounted for 19.2% of global LNG
exports, equivalent to 17.1 MMt. This export
total was reduced by 1.2 MMt from 18.3 MMt
in Q2 2023.

Q3 2023 Rest of the Regions by LNG Exports (MMt)Box width represents
LNG exports among
countries within theregion▪ Specifically in East Asia, Western Europe andEastern Europe, the intensity of the upcoming
winter will prove to be a key factor in the shortterm for LNG demand. As heightenedcompetition for LNG supplies requires thebuildup of a sufficient stockpile to serve
national gas demand, nations are taking
measures to ensure sufficient gas reserves.
▪ In consequence, the cold months in Europe
and East Asia may increase the inelasticity of
LNG demand, which paired with a constrained
supply of LNG may cause price spikes on the
spot market.
▪ However, this effect has been delayedconsidering that European gas reserves
remain elevated (96% as of October 2, 2023)
and the continent’s demand is weaker. This
fact has enabled reduced spot prices YoY.
▪ Reduced YoY prices have encouraged an active
spot market in China, which is set to resume itsrole as the world’s largest single LNG market,
becoming the primary driver of LNG demand.

Source: IHS Markit

Source: IHS Markit

East Asia
0.2

Explanatory Note:
Data for this visualization includes commodity bilateral trade export values of selected regions from July 2023 to September 2023. Values accompanying the boxes indicate the global LNG
exports for each region during the analyzed period.
Definitions:
LNG: liquefied natural gas.
MMt: million metric tons.

7

Global Data

Market Review

M&A Transactions

Trading Statistics

Leading Sector Indicators
Key Considerations▪ During Q3 2023, OECD commercial crude oildays of supply remained steady QoQ, despite
Saudi Arabia’s voluntary 1 MBbls/d production
cut in July this year. This days of supply levelis expected to last at least until the end of theyear.
▪ Average U.S. crude oil and gasoline days ofsupply presented minimum variances due to a
3.0% decrease in crude oil exports and anincrease in average refinery percent utilizationfrom 92.0% to 92.7% QoQ.
▪ Average days of supply for OECD countries
presented the following movements QoQ:

OECD and U.S. Days of Supply Q3 2023
100

OECD Crude Oil: 61 avg. days (+1 day QoQ)
U.S. Crude Oil: 26 avg. days (-3 days QoQ)
U.S. Gasoline: 25 avg. days (+1 days QoQ)

80

Trend

60

40

Trend

➢ The OECD average crude oil supply hasremained stable, increasing by one day.
➢ U.S. crude oil supply has declined QoQ by
three days, standing at 26 days in Q3 2023.
➢ U.S average gasoline supply stands at 25days after increasing by one day QoQ.
▪ The U.S. Department of Energy announced on
July 7, 2023, the purchase of 6 million barrelsof oil for the strategic petroleum reserves for
October and November 2023. This is the third
repurchase request issued this year to
replenish the reserves and tame the high oil
prices observed last year.

Trend
20

0

U.S. Crude Oil Days of Supply

U.S. Gasoline Days of Supply

OECD Crude Oil Days of Supply

Source: U.S. Energy Information Administration
Explanatory Note:Days of supply is “a measure of the adequacy of inventories. It is calculated by taking the current stock level and dividing by product supplied (used as an estimate of demand) averaged overthe most recent four-week period. For crude oil, refinery inputs of crude oil are used as a proxy for demand” (U.S. Energy Information Administration).
Definitions:
QoQ: quarter over quarter.
MBbls/d: thousand barrels per day.

8

Global Data

Market Review

M&A Transactions

Trading Statistics

Leading Sector Indicators
Key Considerations▪ In 2023, the monthly average rig countincreased by 82 to 1,829 rigs. This increase
was mainly driven by Europe, the Middle East
and Asia Pacific, which added 21 rigs each. In
contrast, the U.S. was the only country to
reduce its rig count, with a 10-rig reduction.
▪ In terms of QoQ growth, Canada registered
the largest quarterly rig count growth at theend of Q3 2023, with 42 additional rigs, a
2.4% increase. This contrasts with Canada’s
previous decrease of 50 rigs between the endof Q1 2023 and Q2 2023.
▪ At the end of Q3 2023, the U.S. registered a
3.1% decline in rig count QoQ due to a
reduction of 41 oil rigs and 15 gas rigs.
▪ Oil prices and rig counts present a direct
relationship with a two-to-three–month lag. In
the U.S., rig count peaked at 779 in Decemberof 2022 thanks to high prices caused by the
Ukrainian conflict. Since then, as prices havefallen, U.S. rig closures have driven the QoQ
global rig decline in 2023.
▪ This trend is expected to reverse as the U.S. is
set to increase its rigs to over 700 in 2024
from the average of 626 in Q3 2023. With thisincrease, the U.S. hopes to accomplish
production targets from operators and benefit
from growing prices caused by the OPEC cutsand the turmoil in the Middle East.

Rig Count Analysis Q3 2023
Monthly Average Rig Count
2,211

2,029

2017

2,177

2018

2019

Latin America

Europe

1,351

1,361

2020

2021

AfricaMiddle East

1,747

1,829

2022

2023

Asia PacificCanadaU.S.

Q3 2023 Rig Count

551

262
173

156

16

19

Q2
2023

Q3
2023

Latin America

56
56

51
57

83
9

87
9

62

Q2
2023

Q3
2023

Q2
2023

Q3
2023

Q2
2023

EuropeAfrica

262
115

161

165

61

44

40

54

73

Q3
2023

Q2
2023

Q3
2023

Q2
2023

Q3
2023

Middle East
Gas

510

Asia Pacific

92

131

116

Q2
2023

Q3
2023

CanadaU.S.

Oil

Source: Baker Hughes, September 30, 2023

Explanatory Note:
The first graph, “Monthly Average Rig Count,” displays the average number of active drilling rigs throughout the world. This indicator is closely watched as a precursor to oil production acrossthe oil and gas sector. The second graph, “Q3 2023 Rig Count,” does not include “Miscellaneous” rigs because they represent a marginal number of rigs. Furthermore, “Q3 2023 Rig Count”
considers rig count at the end of each quarter.
Definition:
QoQ: quarter over quarter.

9

Global Data

Market Review

M&A Transactions

Trading Statistics

Subsector Focus
EV/EBITDA
Oil and Gas Subsector Average (LTM/FY22) Q3 2023
Integrated Majors

LTM median

Spotlight: Oilfield Services

LTM
FY22

National Oil Companies

LTM

ProPetro Holding Corp.

FY22

Patterson-UTI Energy, Inc.

LTM median

Weatherford International plc

Global Independent

Halliburton Company
Regional IndependentChampionX Corporation
Oilfield Services
NOV Inc.
Midstream Oil and Gas

Baker Hughes Company

Refining and Marketing

Schlumberger Limited

Gas Specialists

TechnipFMC plc
0.0x

5.0x

10.0x

15.0x

0.0x

5.0x

10.0x

15.0x

20.0x

Source: Capital IQ as of September 29, 2023
Explanatory Note:
Subsector averages consider the available enterprise values and EBITDA values for the public companies under each category. Similarly, the oilfield services subsector spotlight considers themost representative companies by market capital (as of September 29, 2023) and uses the available data for the multiple calculation (LTM EV/EBITDA and FY22 EV/EBITDA). Therefore, theLTM median presented in the spotlight may differ from the subsector average because it only considers said companies and not all the companies listed under the category.
Definitions:
EV: enterprise value.
EBITDA: earnings before interest, taxes, depreciation and amortization.
LTM: last 12 months.

10Global Data

Market Review

M&A Transactions

Trading Statistics

Subsector Focus
Capital Expenditure/EBITDA
Oil and Gas Subsector Average (LTM/FY22) Q3 2023
LTM medianIntegrated Majors

Spotlight: Oilfield Services

LTM
FY22

National Oil Companies

LTM

Weatherford International plc

FY22

ChampionX Corporation

LTM medianHalliburton Company

Global Independent

TechnipFMC plc
Regional Independent
NOV Inc.
Oilfield Services
Baker Hughes Company
Midstream Oil and Gas

67.1x

Schlumberger Limited

Refining and Marketing

Patterson-UTI Energy, Inc.

Gas Specialists

ProPetro Holding Corp.
0.0x

0.2x

0.4x

0.6x

0.8x

0.0x

0.5x

1.0x

Source: Capital IQ as of September 29, 2023
Explanatory Note:
Subsector averages consider the available capital expenditure and EBITDA values for the public companies under each category. Similarly, the oilfield services subsector spotlight considers
the most representative companies by market capital (as of September 29, 2023) and uses the available data as inputs for the multiple calculation. Therefore, the LTM median presented in
the spotlight only considers said companies and not the entire universe under the category.
Definitions:
EBITDA: earnings before interest, taxes, depreciation and amortization.
LTM: last 12 months.

11

Global Data

Market Review

M&A Transactions

Trading Statistics

Subsector Focus
Oilfield Services
Share Price Development Q3 2023

Regression Analysis: EBITDA Margin vs. EV/Revenue
3.0x

400%

Schlumberger
Limited

350%
300%

2.5x

250%
200%

ChampionX
Corporation

150%
100%

2.0x

Baker
HughesCompany

50%

EV/Revenue

0%
-50%
-100%

Halliburton Company

ChampionX Corporation

Liberty Energy Inc.

Weatherford International plc

Baker Hughes Company

NOV Inc.

TechnipFMC plc

ProPetro Holding Corp.

Weatherford
International
plc

1.5x
TechnipFMC
plc
1.0x

Schlumberger Limited

Halliburton
Companyy = -0.834x + 1.6281
R² = 0.0056

Liberty
Energy Inc.

NOV Inc.

0.5x

ProPetro
Holding
Corp.

0.0x
5%

10%

15%

20%

25%

30%

EBITDA Margin
Source: Capital IQ as of September 30, 2023; Kroll Analysis
Explanatory Note:
The return showed in the share price chart is calculated by taking July 1, 2022, as the starting point and tracking the percent change until October 1, 2023.
The linear regression plotted on the right graph represents the forecasted EBITDA margin depending on the EV/revenue multiple as of September 30, 2023.
Definitions:
EBITDA: earnings before interest, taxes, depreciation and amortization.
EV: enterprise value.

12

Global Data

Market Review

M&A Transactions

Trading Statistics

Commodity Prices
Q3 2023 Hydrocarbon Prices
Crude OilNatural Gas

USD/Bbl

USD/MMBtu

150

100
80

100

60
40

50

20
0

0

WTI Crude Oil

Brent Crude Oil

Dubai Crude

OPEC Crude Oil Basket

Henry HubDutch TTF

Japan Korea Marker

Source: Bloomberg

Source: Bloomberg

Refined Products

Key Considerations

USD/Gal▪ QoQ, the four benchmark crude oil prices reported increases: WTI
Crude Oil with 28.5%, Brent Crude Oil with 27.2%, Dubai Crudewith 24.4% and OPEC Crude Oil Basket with 26.5%. OPEC Crude
Oil’s increase was mainly driven by the voluntary production cuts
from Saudi Arabia (1 MMbpd).

5
4
3
2
1
0

U.S.G.C. Gasoline
Source: Bloomberg

U.S.G.C. Diesel

Definitions:
Bbl: barrels.
WTI: West Texas Intermediate.
MMBtu: million British thermal units.
U.S.G.C.: United States Gulf Coast.

U.S. Jet-fuelHeating Oil

TTF: Title Transfer Facility.
Gal: U.S. gallons = 3.78 liters.
MMbpd: million barrels per day.
QoQ: quarter over quarter.

▪ While Henry Hub Natural Gas price has remained steady, Dutch
TTF and Japan Korea Marker prices increased QoQ due to thearrival of colder weather in Europe and East Asia and due to thelatest Israel-Hamas conflict, which has impacted the Middle Eastwith the closure of the Tamar Field in Israel and the cease ofoperations for the export pipeline from Israel to Egypt.
13

Global Data

Market Review

M&A Transactions

Trading Statistics

Announced Deals
Key Considerations▪ A total of 154 M&A transactions for the oiland gas industry were registered in Q3 2023,
compared to 190 transactions in Q2 2023. The
disclosed value of the announced deals was
USD 56.0 billion, which represented a
reduction of 33%, or USD 27.8 bn, comparedto the USD 83.8 bn from the previous quarter.

M&A Quarterly Deal Count Q3 2023
Upstream

306
269
253
249

302
275
255

240
227

Source: IHS Markit

268

261
244
236

207

264

240

203

➢ The announced midstream deals in Q3
2023 amounted to 40, which represents
26% of the total oil and gas transactions.
The disclosed value of the midstream deals
was USD 20.5 bn, which represented anaverage value of USD 513.8 mn per deal.
➢ Finally,theannounced
deals
in
downstream stand at 14, which is 9% of
the total deals announced in Q3 2023. The
observed deals report a disclosed value of
USD 15.6 bn, with the average deal valued
at USD 1.12 bn.

Downstream404▪ Regarding the different subsegments:➢ Upstream deal count represented 65% of
the reported transactions in Q3 2023, witha total volume of 100 transactions. The
average disclosed value per transaction
was USD 198.4 million, with the disclosed
value of all transactions adding up to USD
19.8 bn.

Midstream

192

232230

218
216
208

190
154

143

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2017

2018

2019

2020

2021

2022

2023

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The analysis is based on disclosed transactions for the mentioned periods considering all announced M&A deals in the oil and gas industry in order to illustrate the overall M&A activity.
14

Global Data

Market Review

M&A Transactions

Trading Statistics

Hotspots for Oil and Gas Deal Activity
Key Considerations▪ In Q3 2023, the U.S. presents the most active
M&A landscape in the world as it reports 36%of the announced transactions and 75% of thetotal disclosed values.

M&A Heatmap by Region and Deal Count Q3 2023

▪ Initial acquisitions have targeted high-quality
private assets with large synergy potential.
However, the M&A focus is shifting toward
mergers of publicly traded companies, giventhat most private entities and assets have
majorly been acquired.
▪ Public entities M&A activity is accelerating in
Q4 2023, with the latest acquisitions made by
Chevron and ExxonMobil in October 2023.
The values of these two megadeals are over
twice the total global disclosed value reported
during Q3 2023 (USD 113 bn vs. USD 56 bn).

➢ On October 11, 2023, ExxonMobil
announced a merger with Pioneer andobtained a leading presence in the Permian
Basin in the third-largest ever upstream
deal at USD 60 bn.

No. of Deals+-➢ On October 23, 2023, Chevron announced
the acquisition of Hess for USD 53 bn,
which gives access to Guyana's offshore
assets in the Stabroek block.

Source: IHS Markit

Source: Bloomberg between July 1, 2023, and September 29, 2023

Explanatory Note:
The heatmap displays M&A activity distribution across the world based only on the number of deals announced during the period and does not take into consideration the value corresponding
to said transactions. As a result, the volume of events per location within the announced and completed deal universe provides an immediate visual summary of the figures regarding the Q3
2023.

15

Global Data

Market Review

M&A Transactions

Trading Statistics

Hotspots for Oil and Gas Deal Activity
Key Considerations▪ A handful of players represent the totality ofoil and gas M&A activity. In particular, fivecountries account for 96.3% of the total global
disclosed value, which represent 64.3% of thevolume of announced deals .
$20.0▪ The top three countries with the largest M&A
activity are the U.S. (74.6% of value and35.7% of deals), China (17.0% of value and5.8% of deals) and Canada (2.2% of value and15.6% of deals).
$15.0

Top Six Regions by Disclosed Value Q3 2023

▪ Enbridge’s acquisition of three U.S.-based
utilities to form Dominion Energy represents
the largest transaction of Q3 2023 at USD
14.0 bn, representing 25.0% of the global
disclosed value. This acquisition has resulted
in the largest natural gas distributor franchisein North America.

Source: IHS Markit

Total disclosed value = USD 56.0 bn

55 deals

Total reported deals = 154
50 Deals

40 Deals▪ The number of megadeals (transaction over
USD 1 bn) was reduced to nine in Q3 2023,
compared to 14 in Q2 2023. These nine
megadeals represented 5.8% of the total
number of transactions, with their disclosed $10.0
value accounting for 82.8% of global
disclosed value.
▪ Megadeals remain concentrated in the U.S.,
with seven deals valued at USD 36.9 bn,
which constitutes 88.3% of U.S. deals and
65.8% of global deals.

60 Deals

USD 41.8bn

30 Deals

USD 9.5bn
9 deals
20 Deals$5.0

10 Deals

$0.0
U.S.

China

USD 1.5bn
37 deals

USD 1.2bn
24 deals

USD 1.1bn
7 deals

USD 0.8bn
22 deals

EMEA and CIS

CanadaOther Americas

Other Asia
Pacific

0 Deals

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The analysis is based on disclosed transactions for the period, taking into account the total transaction value (considering all announced M&A deals in the oil and gas industry) to illustrateoverall M&A activity. Therefore, said countries represent the industry’s most significant regions by concentrating the highest proportion of market activity regarding volume and value.
Definitions
CIS: Commonwealth of Independent States.

16

Global Data

Market Review

M&A Transactions

Trading Statistics

Hotspots for Oil and Gas Deal Activity
Key Considerations▪ Out of the 80 transactions observed in North
America, 15 (18.8%) are undisclosed. The
effects of tightening financial conditions canbe observed in the progressive reduction of
average TV/EBITDA multiple, which currently
stands at 5.3 compared to 9.1 in Q3 2022.
▪ Europe’s activity has decreased by 35
transactions(57.4%)
QoQ,
from
61
transactions in Q2 2023 to 26 transactions in
Q3 2023. Out of these 26 transactions, 19 ofthem (73.1%) do not disclose a transaction
value. Furthermore, the financial informationfrom the disclosed transaction values does notoffer sufficient data to calculate a multiple.
▪ Regarding Asia Pacific, most of the regional
activity was driven by China and Australia,
each with nine transactions. Both countries
contributed 58.1% of the total activity within
the region (31 transactions total). In terms of
disclosed value, China concentrates 91.9% of
the disclosed regional value.

Avg. Multiples (TV/EBITDA) by Region Q3 2023

RegionQ3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

North America

9.1

8.3

6.4

5.2

5.3

Europe

2.8

5.8

9.4

8.5

N/A

Asia Pacific

4.4

4.8

3.5

2.4

4.0

▪ The
previously
highlighted
regions
represented 89.0% (137 transactions) out of
the total announced deals (154 transactions)in Q3 2023.
Source: IHS and Bloomberg as of September 29, 2023
Explanatory Note:
The chart displays M&A activity distribution across the world based only on the number of deals announced, disclosing the transaction value during the period. As a result, an approximatetransaction value for multiples per region within the announced and completed deal universe provides an immediate visual summary of the figures regarding Q3 2023. Multiple calculation forthe displayed heatmap only considers disclosed transaction value and available financial information regarding the target, and it may not be representative for all M&A activity of the quarter.
Specifically in Europe, there’s not enough information available to calculate the average multiple.
Definitions:
TV: transaction value.
EBITDA: earnings before interest, taxes, depreciation and amortization.

17

Global Data

Market Review

M&A Transactions

Trading Statistics

Hotspots for Oil and Gas Deal Activity
CanadaCanadian gas drillers have sufferedfrom low prices because of
constrained export options.

China
In the first half of 2023, China
replaced Japan as the world’s top
LNG importer.

In this situation, Tourmaline Oil
Corp. has been a leader in devising
new routes to market its output.

CNOOC Energy has signed anagreement with Nippon Yusen and
China Merchants Energy Shippingto establish an LNG carrier joint
venture with a total investment of
EUR 412.6 million (around USD
446 mn).

One of these efforts includes a joint
venture with Rockies LNG to create
a new LNG gas export terminal on
Canada’s Pacific Coast.

United States
Ongoing activity is focusing on
producing assets in the U.S.
Permian Basin. Exxon Mobil Corp.
agreed to expand U.S. onshore
operations in the Rockies and Gulf
Coast, targeting carbon capture
operations through the upstream
acquisition market.

BrazilIn September 2023, Petrobras
announced the end of its
divestment efforts, which havebeen the main driver of regional
M&A activity since 2013 by selling
USD 46 bn worth of energy assets.

United Kingdom
Harbour Energy Plc, which is the North Sea’s
largest independent oil producer and has 90% of
the UK’s reserves, has entered a new strategic
partnership with Wood Group.
Under this partnership, Wood Group will provide
engineering, procurement and construction, andoperations and maintenance services.

The partnership will be operated under a new
agreement which will impact contracts in the
North Sea valued at around USD 330 mn.

High interest area
Medium interest area
Low interest area

18

Global Data

Market Review

M&A Transactions

Trading Statistics

Top 10 Deals Announced in Upstream
Acquirer

SellerTargetType

July 13, 2023

Denbury Inc.

PublicExxon Mobil Corp announced the acquisition ofCompany Denbury Inc.

Deal Description

Announced

Stake
Acq.

Transaction LTM Free
LTM
TV/LTM TV/LTM
Value (USD) Cash Flow EBITDA Cash Flow EBITDA

100%

4,523 mn

77 mn

621 mn58.74x

7.28x

August 22, 2023

THQ Appalachia I
Quantum Energy Partners LLC sold THQ
LLC, THQ-XcL
Private Appalachia I LLC and THQ-XcL Holdings I Midco
Holdings I Midco Company LLC to EQT Corp. The transaction was completed
LLC
on 8/22/23.

100%

4,498 mn

N/A

N/A

N/A

N/A

August 21, 2023

Earthstone
Energy Inc.

100%

2,810 mn

387 mn1,189 mn

7.26x

2.36x

September 15, 2023

PermianAsset
Basin/Delaware100%

1,165 mn

N/A

N/A

N/A

N/A

100%

773 mn

N/A

N/A

N/A

N/A

100%

730 mn

N/A

N/A

N/A

N/A

100%

500 mn

N/A

N/A

N/A

N/A

100%

468 mn

N/A

N/A

N/A

N/A

100%

461 mn

N/A

N/A

N/A

N/A

40%

400 mn

N/A

N/A

N/A

N/A

July 5, 2023

August 16, 2023

August 24, 2023

September 7, 2023

July 5, 2023

September 28, 2023

PublicPermian Resources Corp announced theCompany acquisition of Earthstone Energy Inc.

A consortium led by Henry Resources LLC
announced the sale of Permian Basin/Delaware to
Vital Energy Inc. The transaction is expected to becompleted by 12/31/23.
Blackstone Inc. sold Ulterra Drilling Technologies
Ulterra Drilling Private
LP to Patterson-UTI Energy Inc. The transaction
Technologies LP Company
was completed on 8/14/23.
The Carlyle Group Inc. announced the sale of
Assala Energy UK Private Assala Energy UK Ltd. to Etablissements Maurel
Company et Prom SA. The transaction is expected to beLtd.
completed by 3/31/24.
Crescent Point Energy Corp announced the saleNorth Dakota
of North Dakota assets to Kraken Resources LLC.
Asset
assets
The transaction is expected to be completed by
12/31/23.
Repsol SA sold Repsol Canada Energy
Repsol Canada Private
Partnership to Peyto Exploration & Development
EnergyCompany Corp. The transaction was completed on
Partnership
10/17/23.
Percussion Petroleum Operating II LLC sold
Delaware Basin
Asset
Delaware Basin assets to Callon Petroleum Co.
assets
The transaction was completed on 7/5/23.
Block 20/Kwanza Asset
Basin

TotalEnergies SE sold Block 20/Kwanza Basin to
Petronas Chemicals Group Bhd.

Source: Bloomberg as of September 30, 2023
Definitions:
Transaction value (USD): For financial companies, transaction value is equivalent to equity value. For other companies, transaction value is equal to the equity value plus target net debt.
LTM: last 12 months.
TV: transaction value.
EBITDA: earnings before interest, taxes, depreciation and amortization.

19

Global Data

Market Review

M&A Transactions

Trading Statistics

Top 10 Deals Announced in Midstream
Acquirer

SellerTargetType

Deal Description

Announced
National Pipeline National Pipeline
National Petroleum and Natural Gas Pipeline
PrivateGroup United Co. Group United Co.
Network Group Co. Ltd. acquired National
Company
Ltd.
Ltd.
Pipeline Group United Co. Ltd.

August 30, 2023

August 16, 2023

Crestwood Equity Public
Energy Transfer LP announced the acquisition ofPartners LP
Company Crestwood Equity Partners LP.

September 5, 2023

Meritage
Midstream
Services II LLC

August 31, 2023

September 19, 2023

September 28, 2023

August 15, 2023

July 27, 2023

September 21, 2023

Undisclosed

September 6, 2023

Riverstone Holdings LLC sold Meritage
Private Midstream Services II LLC to Western Midstream
Company Partners LP. The transaction was completed on
10/13/23.
Tidewater Midstream and Infrastructure Ltd.
Pipestone Natural
announced the sale of Pipestone Natural Gas
Gas Processing Asset
Processing Plant to AltaGas Ltd. The transaction
Plant
is expected to be completed by 12/31/23.
Koninklijke Vopak NV announced the sale of a
Portfolio of threeportfolio of three chemical terminals to M&G
AssetchemicalInvestment Management Ltd. The transaction is
terminals
expected to be completed by 12/31/23.
Private The AES Corp announced the sale of LNG
LNG businesses Company businesses/AES Corp to Grupo Linda. The
transaction is currently pending.
Shawcor Ltd. announced the sale of Pipeline
Pipeline
Private Performance Group LLC to Tenaris SA. The
Performance
Company transaction is expected to be completed byGroup LLC
2/29/24.
A consortium led by Energy Capital Partners LLC
Continental
Private sold Continental Intermodal Group - Navasota
Intermodal Group
Company LLC to NexTier Oilfield Solutions Inc. The- Navasota LLC
transaction was completed on 8/3/23.
Eight shallow
water, oil and gas
W&T Offshore Inc acquired eight shallow water,
Asset
producing assets
oil and gas producing assets.
in Mexico
DienerianResources Inc.

Siguler Guff & Co. LLC sold Dienerian Resources
PrivateInc. to Persist Oil & Gas Inc. The transaction was
Company
completed on 9/6/23.

Stake
Acq.

Transaction LTM Free
LTM
TV/LTM TV/LTM
Value (USD) Cash Flow EBITDA Cash Flow EBITDA

89%7,943 mn

N/A

N/A

N/A

N/A

100%

6,128 mn

294 mn673 mn20.84x

9.11x

100%

885 mn

N/A

N/A

N/A

N/A

100%

565 mn

N/A

N/A

N/A

N/A

100%

435 mn

N/A

N/A

N/A

N/A

10%

190 mn

N/A

N/A

N/A

N/A

100%

166 mn

N/A

N/A

N/A

N/A

100%

33 mn

N/A

N/A

N/A

N/A

100%

32 mn

N/A

N/A

N/A

N/A

100%

29 mn

N/A

N/A

N/A

N/A

Source: Bloomberg as of September 30, 2023
Definitions:
Transaction value (USD): For financial companies, transaction value is equivalent to equity value. For other companies, transaction value is equal to the equity value plus target net debt.
LTM: last 12 months.
TV: transaction value.
EBITDA: earnings before interest, taxes, depreciation and amortization.

20

Global Data

Market Review

M&A Transactions

Trading Statistics

Top 10 Deals Announced in Downstream
Acquirer

SellerTargetType

Deal Description

Announced
September 5, 2023

July 4, 2023

July 25, 2023

September 6, 2023

July 3, 2023
July 4, 2023

July 7, 2023

Public Service Co.
Dominion Energy Inc. announced the sale ofof North Carolina
Public Service Co of North Carolina Inc, Questar
PrivateInc, Questar Gas
Gas Co, The East Ohio Gas Co and Wexpro Co toCompany
Co, East Ohio Gas
Enbridge. The transaction is expected to be
Co, Wexpro Co.
completed by 12/31/24.
Hengli Petrochemical Co. Ltd. announced the sale
Yingkou Kanghui
Private of Kanghui New Material Technology Co. Ltd. to
Petrochemical
Company Dalian Thermal Power Co. Ltd. The transaction is
Co. Ltd.
currently pending.
Rubis Terminal Infra SAS announced the sale ofPrivateCPA SasCPA Sas to Anan International Ltd. The
Companytransaction is currently pending.
Ningbo Energy Group Co. Ltd. sold Ningbo
Ningbo Resource Private Resource Industrial Co. Ltd. to Ningbo
Industrial Co. Ltd. Company Development & Investment Group. The
transaction was completed on 9/19/23.
OMV Istrabenz Private OMV AG sold OMV Istrabenz Holding Co.
Holding Co. PLC/ Company PLC/Slovenia to MOL Hungarian Oil & Gas PLC.
Slovenia
The transaction was completed on 7/3/23.
DopplerPrivate Doppler Beteiligungs GmbH sold Doppler Energie
Mineraloele
Company GmbH to ORLEN SA. The transaction wasGmbH Doppler
completed on 7/4/23.
Canada Retail &Greenergy International Ltd. announced the sale
Fuel Business/of Canada Retail & Fuel Business to Global Fuels
Asset
Greenergy
Inc. The transaction is expected to be completed
International Ltd.
by 12/31/23.

Stake
Acq.

Transaction LTM Free
LTM
TV/LTM TV/LTM
Value (USD) Cash Flow EBITDA Cash Flow EBITDA

100%

14,000 mn

N/A

N/A

N/A

N/A

100%

1,584 mn

N/A

N/A

N/A

N/A

100%

10 mn

N/A

N/A

N/A

N/A

65%

9 mn

N/A

N/A

N/A

N/A

100%

N/A

N/A

N/A

N/A

N/A

100%

N/A

N/A

N/A

N/A

N/A

100%

N/A

N/A

N/A

N/A

N/A

100%

N/A

N/A

N/A

N/A

N/A

August 18, 2023

HA Mapes Inc.

Private Nouria Energy Corp acquired HA Mapes Inc. The
Company transaction was completed on 8/18/23.

August 24, 2023

Bukom oilrefinery/Shell
PLC

Asset

Shell PLC proposed to sell Bukom oil
refinery/Shell PLC to China Petroleum & Chemical
Corp.

100%

N/A

N/A

N/A

N/A

N/A

August 31, 2023

Republic of Kenya sold Kenya Petroleum
Kenya Petroleum Private
Refineries Ltd. The transaction was completed on
Refineries Ltd.
Company
8/31/23.

100%

N/A

N/A

N/A

N/A

N/A

Source: Bloomberg as of September 30, 2023
Definitions:
Transaction value (USD): For financial companies, transaction value is equivalent to equity value. For other companies, transaction value is equal to the equity value plus target net debt.
LTM: last 12 months.
TV: transaction value.
EBITDA: earnings before interest, taxes, depreciation and amortization.

21

Global Data

Market Review

M&A Transactions

Trading Statistics

Commodity Prices% Change

Date

∆QoQ

∆YoY

Unit

Type

SourceQ3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023WTI Crude Oil

USD/BblSpot

Bloomberg

79.5

80.3

75.7

70.6

90.8

28.5%

14.2%

Brent Crude Oil

USD/BblSpot

Bloomberg

88.0

85.9

79.8

74.9

95.3

27.2%

8.4%

Dubai Crude

USD/BblSpot

Bloomberg

90.9

77.2

78.5

75.0

93.3

24.4%

2.6%

OPEC Crude Oil Basket

USD/BblSpot

Bloomberg

92.3

81.3

78.1

76.1

96.4

26.5%

4.3%

Henry Hub Natural Gas

USD/MMBtu

Spot

Bloomberg

6.8

4.5

2.2

2.8

2.9

4.7%

-56.7%

Dutch TTF Natural Gas

USD/MMBtu

Spot

Bloomberg

47.6

24.6

15.0

11.8

11.9

0.3%

-75.1%

Japan Korea Natural Gas

USD/MMBtu

Spot

Bloomberg

38.7

29.5

13.5

12.2

14.6

19.5%

-62.2%

U.S.G.C. Regular Gasoline

USD/GalSpot

Bloomberg

2.6

2.5

2.6

2.4

2.6

5.8%

0.4%

U.S.G.C. Diesel

USD/GalSpot

Bloomberg

3.2

3.4

2.6

2.4

3.3

38.3%

1.7%

U.S.G.C. Jet Fuel

USD/GalSpot

Bloomberg

3.3

3.4

2.5

2.3

3.1

36.4%

-5.5%

Heating Oil

USD/GalSpot

Bloomberg

3.4

3.4

2.7

2.4

3.4

37.3%

-0.2%

Crude OilGas

Refined Products

Explanatory Note:
Data indicates the rounded price of the selected commodities as of the last day of each quarter from Q3 2022 to Q3 2023. Percent change column may present differences due to the roundingof the Commodities’ spot prices in the tables.

22

Global Data

Market Review

M&A Transactions

Trading Statistics

Company Trading Statistics
Integrated Majors(USD bn, except for per-share data)

Share Price
29-Sep-23

52-Week Share Price
Low

High

MarketCap

Enterprise
Value

Revenues

EBITDAEBITDA
MarginEV/EBITDA

LTM

LTM

FY2022LTM

LTM

FY2022Integrated Majors

Exxon Mobil Corporation

117.5898.02

120.70468.73488.65350.39

62.53

91.13

17.85%

7.81x

5.36x

Chevron Corporation

168.62141.73189.68314.85327.73202.70

45.94

57.45

22.66%

7.13x

5.70x

Shell plc

31.80

26.36

34.35

211.36250.64339.19

70.35

78.39

20.74%

3.56x

3.20x

TotalEnergies SE

65.95

54.07

69.31

158.13184.20228.13

53.10

62.54

23.28%

3.47x

2.95x

BP p.l.c.

6.48

5.48

7.00

109.82

154.36226.03

59.59

54.25

26.37%

2.59x

2.85x

Average22.18%

4.91x

4.01x

Median22.66%

3.56x

3.20x

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The information presented reflects analytical data and indicators from key public entities that make up the integrated majors subsector of the oil and gas industry as of September 29, 2023.
The selected companies were sorted by order of the largest market capitalization from the entire subindustry’s public company universe to highlight their financial status and capital adequacy.
Therefore, the averages presented only account for the major players and not the entire subindustry.

23

Global Data

Market Review

M&A Transactions

Trading Statistics

Company Trading Statistics
National Oil Companies(USD bn, except for per-share data)

Share Price

52-Week Share Price

29-Sep-23

Low

High

MarketCap

Saudi Arabian Oil Company

9.33

7.27

9.37

2257.56

PetroChina Company Limited

0.75

0.42

0.77

192.98

Petróleo Brasileiro S.A. - Petrobras

6.94

4.23

7.91

95.32

Equinor ASA

32.93

25.14

34.53

China Petroleum & Chemical Corporation

0.55

0.43

0.70

Eni S.p.A.

16.15

12.50

Oil and Natural Gas Corporation Limited

2.31

1.60

PTT Public Company Limited*

0.92

Ecopetrol S.A.
Indian Oil Corporation Limited

Enterprise
Value

Revenues

EBITDA
MarginEBITDA

EV/EBITDA

LTM

LTM

FY2022LTM

LTM

FY20222272.58

502.41

262.43325.5052.23%

8.66x

6.98x

237.64420.18

67.08

68.14

15.96%

3.54x

3.49x

139.37107.39

53.62

66.64

49.93%

2.60x

2.09x

97.55

85.53

111.85

50.70

82.33

45.33%

1.69x

1.04x

92.62

156.57456.87

24.66

25.31

5.40%

6.35x

6.19x

16.93

52.87

67.88

107.54

16.59

27.47

15.42%

4.09x

2.47x

2.39

29.05

45.14

71.37

12.91

10.15

18.09%

3.50x

4.45x

0.82

1.01

26.17

60.53

91.08

9.38

11.13

10.30%

6.45x

5.44x

0.58

0.49

0.71

24.04

54.31

36.61

15.52

15.27

42.40%

3.50x

3.56x

1.09

0.83

1.28

15.08

31.92

94.77

8.91

6.27

9.40%

3.58x

5.09x

Bharat Petroleum Corporation Limited

4.17

3.63

4.78

9.05

16.58

54.56

5.19

2.49

9.52%

3.19x

6.66x

YPF Sociedad Anónima

28.63

6.55

39.97

11.26

16.39

11.76

2.32

3.57

National Oil Companies

19.69%

7.07x

4.60x

Average

24.47%

4.52x

4.34x

Median17.03%

3.56x

4.52x

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The information presented reflects analytical data and indicators from key public entities that make up the national oil companies (NOCs) subsector of the oil and gas industry as of September
29, 2023. The selected companies were sorted by order of the largest market capitalization from the entire subindustry’s public company universe to highlight their financial status and capital
adequacy. Therefore, the averages presented only account for the major players and not the entire subindustry.
*Note: Values correspond to Q2 2023 period, as companies did not present earnings information for the Q3 2023 period by the elaboration time of this report.

24

Global Data

Market Review

M&A Transactions

Trading Statistics

Company Trading Statistics
Global Independent(USD bn, except for per-share data)

Share Price

52-Week Share Price

29-Sep-23

Low

High

MarketCap

ConocoPhillips

119.8091.53

135.68143.46

EOG Resources, Inc.

126.7698.52

150.05

73.81

Occidental Petroleum Corporation

64.88

55.51

75.78

Hess Corporation

153.00113.82

Repsol, S.A.

16.48

13.32

Inpex Corporation

15.10

8.58

Enterprise
Value

Revenues

EBITDA
MarginEBITDA

EV/EBITDA

LTM

LTM

FY2022LTM

LTM

FY2022153.09

61.84

25.49

34.92

41.22%

6.01x

4.38x

73.19

23.73

13.56

13.79

57.17%

5.40x

5.31x

57.40

86.52

29.30

14.15

20.59

48.29%

6.11x

4.20x

167.75

46.78

54.45

10.22

5.07

5.63

49.61%

10.74x

9.67x

16.98

21.04

27.06

57.29

7.27

10.65

12.70%

3.72x

2.54x

15.62

19.73

26.77

14.92

10.30

11.74

69.03%

2.60x

2.28x

Average46.33%

5.76x

4.73x

Median48.95%

5.70x

4.29x

Global Independent

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The information presented reflects analytical data and indicators from key public entities that make up the global independent subsector of the oil and gas industry as of September 29, 2023.
The selected companies were sorted by order of the largest market capitalization from the entire subindustry’s public company universe to highlight their financial status and capital adequacy.
Therefore, the averages presented only account for the major players and not the entire subindustry.

25

Global Data

Market Review

M&A Transactions

Trading Statistics

Company Trading Statistics
Regional Independent(USD bn, except for per-share data)

Share Price
29-Sep-23

52-Week Share Price
Low

High

MarketCap

Enterprise
Value

Revenues

EBITDA
MarginEBITDA

EV/EBITDA

LTM

LTM

FY2022LTM

LTM

FY2022

Regional Independent
Canadian Natural Resources Limited

64.93

48.70

67.78

70.80

80.44

26.69

12.12

16.53

45.42%

6.64x

4.87x

Pioneer Natural Resources Company

229.55177.27262.42

53.52

59.00

19.47

9.36

12.51

48.07%

6.30x

4.71x

Suncor Energy Inc.

34.53

26.91

35.81

44.87

55.51

37.11

14.74

18.64

39.71%

3.77x

2.98x

Cenovus Energy Inc.

20.91

14.73

21.17

39.48

46.63

39.28

7.38

9.68

18.79%

6.32x

4.82x

Imperial Oil Limited

61.84

43.66

61.74

35.62

37.10

38.51

6.39

8.26

16.60%

5.80x

4.49x

Devon Energy Corporation

47.70

42.59

73.98

30.56

37.05

14.93

7.52

10.28

50.39%

4.93x

3.60x

Diamondback Energy, Inc.

154.88119.01

171.40

27.70

35.07

7.74

6.07

7.34

78.37%

5.78x

4.78x

Aker BP ASA

27.76

21.11

32.44

17.52

21.11

13.93

12.57

11.77

90.25%

1.68x

1.79x

Santos Limited*

5.10

4.29

5.16

16.50

20.27

6.99

4.57

5.05

65.43%

4.43x

4.01x

Marathon Oil Corporation

26.75

20.57

33.19

16.20

21.97

6.45

4.37

5.22

67.68%

5.03x

4.21x

Average52.07%

5.07x

4.03x

Median49.23%

5.40x

4.35x

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The information presented reflects analytical data and indicators from key public entities that make up the regional independent subsector of the oil and gas industry as of September 29,
2023. The selected companies were sorted by order of the largest market capitalization from the entire subindustry’s public company universe to highlight their financial status and capital
adequacy. Therefore, the averages presented only account for the major players and not the entire subindustry.
*Note: Values correspond to Q2 2023 period, as companies did not present earnings information for the Q3 2023 period by the elaboration time of this report.

26

Global Data

Market Review

M&A Transactions

Trading Statistics

Company Trading Statistics
Oilfield Services(USD bn, except for per-share data)

Share Price

52-Week Share Price

29-Sep-23

Low

High

MarketCap

Schlumberger Limited

58.30

42.73

62.78

82.86

Baker Hughes Company

35.32

26.12

37.58

35.66

Halliburton Company

40.50

27.84

43.85

TechnipFMC plc

20.34

11.09

NOV Inc.

20.90

14.05

Weatherford International plc

90.33

ChampionX Corporation

35.62

Patterson-UTI Energy, Inc.

Enterprise
Value

Revenues

EBITDA
MarginEBITDALTM

LTM

FY2022

93.48

32.02

7.04

38.66

24.58

3.63

36.39

43.40

22.86

22.78

8.91

10.62

24.83

8.23

10.09

38.61

100.93

6.51

23.66

38.37

7.00

13.84

9.70

19.81

Liberty Energy Inc.

18.52

11.18

ProPetro Holding Corp.

10.63

6.33

EV/EBITDA

LTM

LTM

FY2022

5.82

21.99%

13.27x16.06x2.94

14.78%

10.64x13.16x

4.91

3.94

21.47%

8.84x

11.01x

7.44

0.79

0.59

10.67%

13.37x18.00x

8.31

0.98

0.72

11.78%

10.30x14.09x

7.94

4.98

1.12

0.78

22.54%

7.07x

10.14x

7.40

3.80

0.74

0.62

19.42%

10.03x12.02x

5.74

6.43

3.35

1.00

0.68

29.76%

6.45x

9.40x

21.25

3.16

3.55

4.90

1.22

0.82

24.91%

2.91x

4.33x

12.58

1.20

1.21

1.63

0.41

0.29

25.03%

2.96x

4.12x

Average

20.24%

8.59x

11.23xMedian21.73%

9.43x

11.51xOilfield Services

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The information presented reflects analytical data and indicators from key public entities that make up the oilfield services subsector of the oil and gas industry as of September 29, 2023. The
selected companies were sorted by order of the largest market capitalization from the entire subindustry’s public company universe to highlight their financial status and capital adequacy.
Therefore, the averages presented only account for the major players and not the entire subindustry.

27

Global Data

Market Review

M&A Transactions

Trading Statistics

Company Trading Statistics
Midstream Oil and Gas(USD bn, except for per-share data)

Share Price

52-Week Share Price

29-Sep-23

Low

High

MarketCap

Enbridge Inc.

33.30

30.90

40.75

70.79

Enterprise Products Partners L.P.

27.37

23.14

27.95

59.44

The Williams Companies, Inc.

33.69

27.80

36.32

Energy Transfer LP

14.03

11.37

ONEOK, Inc.

63.43

55.91

TC Energy Corporation

34.41

Kinder Morgan, Inc.

16.58

MPLX LPEnterprise
Value

Revenues

EBITDA
MarginEBITDALTM

LTM

FY2022

136.15

33.84

10.35

89.42

48.74

8.63

40.98

67.40

10.30

14.15

44.13

106.70

71.57

36.95

49.64

32.52

49.51

35.82

15.89

19.36

36.94

35.57

31.34

36.80

Plains All American Pipeline, L.P.

15.32

11.16

Antero Resources Corporation

25.38

19.91

EnLink Midstream, LLC

12.22

Equitrans Midstream Corporation

9.37

EV/EBITDA

LTM

LTM

FY20229.41

30.60%

13.15x14.46x8.73

17.70%

10.36x10.24x6.24

5.04

60.53%

10.81x13.38x

78.56

12.24

12.29

15.58%

8.72x

8.68x

17.47

4.43

3.34

25.37%

11.20x14.87x

82.33

10.15

5.57

6.44

54.92%

14.77x12.78x

69.55

15.88

6.44

6.17

40.54%

10.81x11.27x

35.61

56.97

10.40

5.22

5.67

50.18%

10.92x10.06x

16.05

10.70

23.53

48.97

2.16

2.53

4.42%

10.88x

9.32x

38.70

7.62

12.62

5.21

2.09

3.43

40.20%

6.03x

3.68x

8.46

13.58

5.64

11.96

7.07

1.34

1.32

19.01%

8.89x

9.06x

4.60

10.48

4.09

12.04

1.39

1.02

1.07

73.56%

11.79x11.20xAverage36.05%

10.69x10.75xMedian35.40%

10.84x10.72x

Midstream Oil and Gas

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The information presented reflects analytical data and indicators from key public entities that make up the midstream subsector of the oil and gas industry as of September 29, 2023. The
selected companies were sorted by order of the largest market capitalization from the entire subindustry’s public company universe in order to highlight their financial status and capital
adequacy. Therefore, the averages presented only account for the major players and not the entire subindustry.

28

Global Data

Market Review

M&A Transactions

Trading Statistics

Company Trading Statistics
Refining and Marketing(USD bn, except for per-share data)

Share Price
29-Sep-23

52-Week Share Price
Low

High

MarketCap

Enterprise
Value

Revenues

EBITDA
MarginEBITDA

EV/EBITDA

LTM

LTM

FY2022LTM

LTM

FY2022

Refining and Marketing
Reliance Industries Limited

28.22

26.19

34.31

179.32208.78104.60

17.89

14.37

17.10%

11.67x14.53xMarathon Petroleum Corporation

151.34104.32

159.65

60.51

84.48

152.73

19.36

22.97

12.67%

4.36x

3.68x

Phillips 66

120.1589.74

125.19

53.50

71.50

149.41

10.46

11.31

7.00%

6.84x

6.32x

Valero Energy Corporation

141.71104.18152.20

50.04

58.43

145.46

17.39

18.27

11.95%

3.36x

3.20x

Neste Oyj

34.01

30.54

53.91

26.12

28.77

24.54

2.59

3.07

10.54%

11.13x

9.37x

Formosa Petrochemical Corporation

2.50

2.41

2.78

23.86

22.42

22.71

0.55

0.63

2.41%

41.01x35.74x

Targa Resources Corp.

85.72

64.85

90.64

19.18

33.31

16.38

3.87

2.83

23.61%

8.62x

11.77xPembina Pipeline Corporation

30.19

28.04

35.87

16.58

26.53

6.92

1.81

2.11

26.15%

14.67x12.59xOMV Aktiengesellschaft

47.97

39.80

55.62

15.69

24.53

44.03

8.45

14.92

19.19%

2.90x

1.64x

ENEOS Holdings, Inc.

3.95

2.88

4.24

11.91

37.49

95.35

3.19

8.27

3.35%

11.75x

4.53x

HF Sinclair Corporation

56.93

37.12

66.19

10.31

13.03

33.29

3.70

4.60

11.12%

3.52x

2.83x

SK Innovation Co., Ltd.*109.5790.83

173.57

9.72

26.46

60.56

1.48

4.54

2.45%

17.82x

5.83x

PBF Energy Inc.

53.53

31.26

56.38

6.62

7.48

40.03

3.26

4.48

8.14%

2.30x

1.67x

Sunoco LP

48.95

40.81

53.96

4.11

8.09

23.35

0.94

0.86

4.04%

8.57x

9.43x

CVR Energy, Inc.

34.03

22.60

41.26

3.42

4.52

9.73

1.54

1.26

15.86%

2.93x

3.58x

Average11.70%

10.10x

8.45xMedian11.12%

8.57x

5.83x

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The information presented reflects analytical data and indicators from key public entities that make up the refining and marketing subsector of the oil and gas industry as of September 29,
2023. The selected companies were sorted by order of the largest market capitalization from the entire subindustry’s public company universe to highlight their financial status and capital
adequacy. Therefore, the averages presented only account for the major players and not the entire subindustry.
*Note: Values correspond to Q2 2023 period, as companies did not present earnings information for the Q3 2023 period by the elaboration time of this report.

29

Global Data

Market Review

M&A Transactions

Trading Statistics

Company Trading Statistics
Gas Specialists(USD bn, except for per-share data)

Share Price

52-Week Share PriceEnterprise
Value

Revenues

EBITDA
MarginEBITDA

29-Sep-23

Low

High

MarketCap

The Williams Companies, Inc.

33.69

27.80

36.32

40.98

67.40

10.30

6.24

Woodside Energy Group Ltd.*

23.55

19.73

25.15

44.71

48.21

18.41

11.57

Cheniere Energy, Inc.

165.96135.00179.05

39.93

67.15

24.47

21.01

5.62

LTM

LTM

FY2022

EV/EBITDA

LTM

LTM

FY2022

5.04

60.53%

10.81x13.38x10.41

62.84%

4.17x

4.63x

85.84%

3.20x

11.95x11.20x14.87xGas Specialist

ONEOK, Inc.

63.43

55.91

71.57

36.95

49.64

17.47

4.43

3.34

25.37%TC Energy Corporation

34.41

32.52

49.51

35.82

82.33

10.15

5.57

6.44

54.92%

14.77x12.78xKinder Morgan, Inc.

16.58

15.89

19.36

36.94

69.55

15.88

6.44

6.17

40.54%

10.81x11.27x

Coterra Energy Inc.

27.05

22.25

29.89

20.42

22.15

6.39

4.51

6.91

70.46%

4.92x

3.20x

Southwestern Energy Company

6.45

4.57

7.69

7.10

11.28

8.21

6.62

3.30

80.62%

1.70x

3.42x

Average60.14%

7.70x

9.44x

Median61.69%

7.86x

11.61x

Source: Bloomberg as of September 29, 2023

Explanatory Note:
The information presented reflects analytical data and indicators from key public entities that make up the gas specialist subsector of the oil and gas industry as of September 29, 2023. The
selected companies were sorted by order of the largest market capitalization from the entire subindustry’s public company universe to highlight their financial status and capital adequacy.
Therefore, the averages presented only account for the major players and not the entire subindustry.
*Note: Values correspond to Q2 2023 period, as companies did not present earnings information for the Q3 2023 period by the elaboration time of this report.

30

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