Industry Insights
Global Oil and Gas M&A Outlook
Q4 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 infeatured specialty subsectors.

Table of Contents

3

Our top insights for this edition are detailed below:▪

▪

▪

In 2023, the global oil market experienced a surge ofsupply from non-OPEC nations such as Guyana, Brazil
and the U.S. In particular, the U.S. achieved asurprising production boost equal to the entire
Venezuelan production of oil.
Throughout Q4 2023, gas demand in Europe and East
Asia was driven by the need to ensure sufficient gas
reserves ahead of the winter season. To meet suchdemand, liquefaction facilities are operating at full or
near-full capacity, with some even exceeding a 100%
utilization rate.
In Q4 2023, global M&A activity increased in terms ofdeals and value quarter over quarter, with a total of
270 deals announced, with a disclosed value of USD
194 billion. North America (U.S. and Canada)continues to boast the most active M&A market byaccounting for 46% of global disclosed deals and 85%of the worldwide disclosed value.

Global Data

Economic Environment
FX Rates of Key Currency Pairs

Market Review

5

14

20
29

Trading Statistics
Leading Sector Indicators
Subsector Focus
Commodity Prices

M&A Transactions

Hotspots for Oil and Gas Deal Activity
Megadeals Announced

Trading Statistics

Commodity Prices
Company Trading Statistics

Stay Ahead with Kroll

Explanatory Note:
For the issuance of this report, Kroll presents market and financial data of different sets of peer groups, according to the most representative subindustries of the oil and gas sector, which, atthe same time, are composed of the most relevant companies by market capitalization.
Deals displayed in the “Megadeals Announced” illustration may include acquisitions of private companies that do not disclose some information, while other M&A analysis performed for thereport considers all available information.

2

Global Data

Market Review

M&A Transactions

Trading Statistics

Economic Environment
Key Considerations
▪

▪

▪

▪

Throughout 2023, inflation levels continued
to converge toward policymakers’ target. The
moderation in inflation levels was driven by acommitment toward maintaining elevatedinterest rates, which are expected to remainhigh as long as inflation levels continue tostand above the central banks’ target and theeconomic signals warrant it.
Given the favorable evolution of inflationlevels, policymakers have adapted theirpolicies and finalized a historic cycle ofmonetary tightening that had persisted formore than 14 quarters.
Despite negative impacts on equity markets
due to a restrictive monetary policy, majorindexes in advanced economies showedremarkable resilience in 2023: S&P 500 and
Dow Jones grew by 4.5% and 3.7%,
respectively; S&P Oil & Gas E&P increased by
2.3%; and MSCI Europe grew by 8.1%.

The economic environment may allow for
central banks to initiate interest rate
reductions in the first half of 2024, beginningas soon as March 2024. A less restrictive
monetary policy could positively impact thestock markets, as reduced interest rates could
enhance economic activity, while lower
inflation levels will no longer negatively
pressure companies’ earnings.

Selected Global Index Performance
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 Index,” which encompasses a selection of the most important exploration andproduction companies in the world; the calculation takes January 1, 2018, as the starting point and tracks the percentual change until January 1, 2024.

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

17.74

USD/NOK

8.27

8.14

8.80

9.42

8.60

9.61

10.56

USD/BRL

3.19

3.65

3.94

5.16

5.39

5.16

4.99

USD/SAR

3.75

3.75

3.75

3.75

3.75

3.75

3.75

USD/JPY112.14110.41109.01106.77109.82131.42140.53

USD/SKK

26.71

25.54

26.91

26.43

25.48

28.65

27.86

EUR/RUB

65.93

74.05

72.44

82.67

87.19

74.17

92.52

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

Key Considerations▪

The strong performance of the U.S. economy and the Fed’s elevated interest rates have supported a strong dollar, especially in Q3 2023.
Notwithstanding, the disclosed data in Q4 2023 may signal the end of the strength of the dollar, based on the U.S. economy’s loss of
momentum and diminishing inflation levels, which would enable the Fed to reduce interest rates.

▪

However, the materialization of a weaker dollar is uncertain, as the Fed has yet to announce interest rate cuts. Furthermore, there are
geopolitical factors, such as U.S. presidential elections, that may lead to unforeseen FX movements.
Definition:
FX: foreign exchange.

4

Global Data

Market Review

M&A Transactions

Trading Statistics

Trading Statistics
Q4 2023 U.S. Crude Oil Exports by Region (MBbls/d)

Europe and Central
Asia

East Asia andPacific

1,939
6.3%

1,626
18.8%

Middle East
Africa17

114-42.7%

25.9%

South Asia

170
-6.8%

South & Central
America

Source: U.S. Department of Energy
Definition:
MBbls/d: thousand barrels per day.

5

Global Data

Market Review

M&A Transactions

Trading Statistics

Trading Statistics
Key Considerations▪

Throughout Q4 2023, the top three regions
for LNG exports were Southeast Asia andOceania, MENA, and North America,
accounting for 81% of global exports. The
U.S., Australia and Qatar represent 60% of
the total global exports.

▪

Global exports of LNG reached 107.2 MMt in
Q4 2023, representing a 9.5% increase fromthe previous quarter, when the level was
97.9 MMt. Concurrently, the YoY growth in
LNG exports was 2% for 2023, from402.4MMt in 2022 to 410.6 MMt.

▪

YoY growth on exports was driven by plants
operating at or near full capacity. The
production of some facilities exceeded their
nameplate capacity, which caused theirutilization rate to exceed 100%.

▪

As new meaningful liquefaction capacity is
expected to come in 2025, supply in the LNG
market will remain constrained, volatile andsusceptible to refineries being able to operate
efficiently at high utilization rates or above
nameplate capacity.

▪

During 2024, LNG supply is expected tocontinue growing at a moderate rate, due togreater supply from Egypt and Nigeria,
whose operations in 2023 were negatively
affected by external events.

Q4 2023 Top 3 Regions by LNG Exports (MMt)Box width represents
LNG exports among
countries within theregionSource: IHS Markit

East Asia
0.4

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

6

Global Data

Market Review

M&A Transactions

Trading Statistics

Trading Statistics
Key Considerations▪

The remaining regions marked in theillustration had an increase in LNG exports
from 17.1 MMt in Q3 2023 to 20.3 MMt
during Q4 2023.

▪

The LNG market remains affected by
Europe’s transition away from Russian gas
pipeline supplies. In Q4 2023, Europe andNortheast Asia remained the prominent hubsof demand, accounting for 84 MMt, or 78.4%
of global demand. Therefore, fluctuations inthese markets hold significant repercussions
over global LNG trade.

▪

In the last quarter of the year, exports tothese regions rose by 6.7 MMt in East Asiaand 5.6 MMt in Western Europe, due to thereplenishment of gas reserves, as thedemand for these regions is significantly
influenced by the cold weather.

▪

In the beginning of winter, colder weather in
East Asia compared to Europe bolsteredAsia’s demand, increasing shipments to theregion to fill its gas reserves, whereas weaker
demand from Europe allowed for high gas
storage levels (90% as of December 12).

▪

Simultaneously, demand growth in Asia
during 2024 will be mainly driven by new
long-term contracts in China.

Q4 2023 Rest of the Regions by LNG Exports (MMt)Box width represents
LNG exports among
countries within theregionSource: IHS Markit

East Asia
0.4

Explanatory Note:
Data for this visualization includes commodity bilateral trade export values of selected regions from October 2023 to December 2023. Values inside 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 Q4 2023, OECD Crude Oil days ofsupply increased QoQ by one day, from 61 to
62 average days.
Simultaneously, U.S. Crude Oil average daysof supply for Q4 2023 increased by two days,
from 26 to 28 average days. At the sametime, U.S. Gasoline days of supply grew by
one day, from 25 to 26 average days.
The evolution of days of supply was
influenced by the increased production from
non-OPEC nations such as the U.S., Brazil
and Guyana. Specifically, the U.S. presented
a surprising production boost in 2023.
Simultaneously, tensions in the Middle East
have remained constrained within the region,
which has diminished the risk of oil supply
disruptions and their potential harmful impact
on oil prices.
Beginning in 2024, the short-term progressionof days of supply will primarily rely on shortterm demand, an indicator closely monitoredby OPEC+, which may be forced to promoteeven deeper output cuts to support oil prices
amid increasing non-OPEC production.
In addition to these risks, supply will be
influenced by the possibility of disruption in
the Red Sea shipping lines and a sustained
reduction in Europe’s demand.

OECD and U.S. Days of Supply Q4 2023
100
OECD Crude Oil: 62 Avg. Days (+1 day QoQ)
U.S. Crude Oil: 28 Avg. Days (+2 days QoQ)
U.S. Gasoline: Avg. Days: 26 (+1 day QoQ)
80

Trend

60

40

Trend
Trend

20

0

U.S. Crude Oil Days of Supply

U.S. Gasoline Days of Supply

OECD Crude Oil Days of Supply

Source: 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].
Definition:
QoQ: quarter over quarter.

8

Global Data

Market Review

M&A Transactions

Trading Statistics

Leading Sector Indicators
Key Considerations
▪

▪

▪

▪

▪

The year 2023 closed with a monthly
average rig count of 1,814, which represents
a YoY increase of 67 rigs. Despite the 3.8%
YoY increase in global average rig count, Q42023 ended with a QoQ decrease of 1.2%
driven by Canadian reductions of six gas rigs
and 22 oil rigs.
The U.S. continues to hold the largest
number of rigs, at 689, despite being the only
country with a reduction in its average rig
count from 721 in 2022 to 689 in 2023.
These rig YoY reductions have been
particularly notorious in oil basins, directly
linked to the drop in oil prices, with the WTI
diminishing by 21.1% QoQ and 10.7% YoY.

Rig Count Analysis Q4 2023
Monthly Average Rig Count
2,211

2,029

2,177

2017

2018

2019

Latin America

EuropeAfricaDespite the reductions of oil rigs, in 2023 theU.S. played a huge role in the global market,
surpassing forecasted production by 0.8
million barrels of oil per day.
Increased
consolidation
among
U.S.
producers has been the main driver of greateroil production in the U.S. Consolidation has
resulted in efficiency gains from deploying
new technological innovations and more
efficient drilling strategies.
For 2024, U.S. E&P producers will
favor capital preservation and shareholder
compensation, which may stabilize rig activity.

1,814

1,747
1,351

1,361

2020

2021

2022

Middle East

Asia PacificCanada2023
U.S.

QoQ Rig Count

156

157

19

17

Q3
2023

Q4
2023

Latin America

262

266

55
58

87
9

89
12

61

63

Q3
2023

Q4
2023

Q3
2023

Q4
2023

Q3
2023

Q4
2023

Europe

164

115

94

40

36

73

67

Q3
2023

Q4
2023

Q3
2023

Q4
2023

165

51
57

AfricaMiddle East
Gas

Asia Pacific

510

501

116

119

Q3
2023

Q4
2023

CanadaU.S.

Oil

Source: Baker Hughes, December 31, 2023

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

9Global Data

Market Review

M&A Transactions

Trading Statistics

Subsector Focus
EV/EBITDA
Oil and Gas Subsector Average (FY23/FY22)
Integrated Majors

FY23 Median

Spotlight: Oilfield Services (FY23/FY22)
FY23
FY22

National Oil Companies

FY23

ProPetro Holding Corp.

FY22

Patterson-UTI Energy, Inc.

FY23 Median

Weatherford International plc

Global Independent

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

Baker Hughes Company

Refining and MarketingTechnipFMC plc

Gas Specialists

Schlumberger Limited
0.0x

5.0x

10.0x

15.0x

0.0x

5.0x

10.0x

15.0x

20.0x

Source: Capital IQ as of December 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 considers the mostrepresentative companies by market capital (as of December 29, 2023) with available data for the multiple calculation (LTM EV/EBITDA and FY22 EV/EBITDA). Therefore, the LTM medianpresented in the analysis may differ from the subsector average as it only considers said companies and not all the companies listed under the category.

10

Global Data

Market Review

M&A Transactions

Trading Statistics

Subsector Focus
Capital Expenditure/EBITDA
Oil and Gas Subsector Average (FY23/FY22)

Spotlight: Oilfield Services

FY23 MedianIntegrated Majors

FY23
FY22

National Oil Companies

FY23

Weatherford International plc

FY22

ChampionX Corporation

FY23 MedianTechnipFMC plc

Global Independent

Halliburton Company
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

0.0x

0.5x

1.0x

Source: Capital IQ as of December 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 considers the mostrepresentative companies by market capital (as of December 29, 2023) and uses the available data as inputs for the multiple calculation. Therefore, the LTM median presented in the analysis
only considers said companies and not the entire universe under the category.

11

Global Data

Market Review

M&A Transactions

Trading Statistics

Subsector Focus
Oilfield Services
Share Price Development Q4 2023*

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

250%

Schlumberger
Limited

200%

2.5x

150%

ChampionX
Corporation

100%

2.0x

EV/Revenue

50%
0%
-50%

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

1.0x
Schlumberger Limited

Baker
HughesCompany

Halliburton
Company

TechnipFMC
plc

y = -0.9269x + 1.6229
R² = 0.0071

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 December 31, 2023 / Kroll Analysis
Explanatory Note:
The linear regression plotted on the right graph represents the forecasted EBITDA margin depending on the EV/Revenue multiple as of December 31, 2023.
* Note: The return showed in selected stocks is calculated by taking October 1, 2022, as the starting point and tracks the percentual change until January 1, 2024.

12

Global Data

Market Review

M&A Transactions

Trading Statistics

Commodity Prices
Q4 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

Henry HubOPEC Crude Oil Basket

Dutch TTF

Japan Korea Marker

Source: Bloomberg

Source: Bloomberg

Refined Products

Key Considerations

USD/Gal▪

5
4
3

The increase in the production of Crude Oil by 1.8% throughout
2023 and a reduction in demand due to warmer weather have led
to a drop in all price benchmarks for the last quarter of 2023.
➢ Crude Oil: The WTI Crude Oil, Brent Crude Oil, Dubai Crude
Oil and OPEC Crude Oil Basket registered a QoQ decline of
21.1%, 19.2%, 17.1% and 18.6%, respectively.

2
10➢ Natural Gas: The prices of Henry Hub Natural Gas, Dutch TTF
and Japan Korea Marker diminished by 14.2%, 12.9% and21.3%, respectively, in the last quarter.
U.S.G.C. Gasoline

U.S.G.C. Diesel

U.S. Jet-fuelHeating Oil

Source: Bloomberg
Definitions:
Bbl: barrel(s).
WTI: West Texas Intermediate.
MMBtu: million British thermal units.
U.S.G.C.: United States Gulf Coast.

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

➢ Refined Products: The quarterly change in prices for U.S.G.C.
Gasoline, U.S.G.C. Diesel, U.S. Jet Fuel and Heating Oil were anegative 19.5%, 27.6%, 24.6% and 24.1%, respectively.
13

Global Data

Market Review

M&A Transactions

Trading Statistics

Hotspots for Oil and Gas Deal Activity
M&A Heatmap by Region and Deal Count Q4 2023
Q4 2023 M&A Activity

270

Announced Deals
∆QoQ

∆YoY

75%

16%

USD 194bn

Global Disclosed Value
No. of Deals

+

∆QoQ

∆YoY

246%

144%

Source: IHS Markit

Key Considerations▪

The last quarter of 2023 exhibited higher levels of activity in the global M&A market, in terms of both the quantity and value of deals
announced. There were 270 deals announced in Q4 2023, which represented 116 deals, or 75%, more than in the previous quarter. The
YoY increase in deal activity was 38 deals, or 16%, from Q4 2022.

▪

The global disclosed value reached USD 194bn in Q4 2023, largely driven by megadeals (transactions over USD 1bn). This indicator
presented a 246% QoQ increase from USD 56bn in Q3 2023 and a 144% YoY growth from USD 79.3bn in Q4 2022.
Explanatory Note:
The heatmap displays M&A activity across the world based only on the number of deals announced during the period and does not consider the value corresponding to said transactions. As aresult, the volume of events per location within the announced and completed deal universe provides an immediate visual summary of the figures regarding Q4 2023.
Definitions:bn: billion.
QoQ: quarter over quarter.
YoY: year over year.

14

Global Data

Market Review

M&A Transactions

Trading Statistics

Hotspots for Oil and Gas Deal Activity
Key Considerations
▪

▪

▪

▪

▪

The number of global deals announced in Q42023 increased by 116 from Q3 2023. The
growth was primarily driven by upstream anddownstream deals, which increased by 69
and 55 deals, respectively, while midstream
activity was reduced by eight deals.
In terms of disclosed value, upstream activity
was the exclusive driver in QoQ growth,which increased from USD 20bn to USD
172bn in Q4 2023, an increase of USD
152bn.
Conversely,
midstream
anddownstream global disclosed values weredecreased by USD 5bn and USD 10bn,
respectively.
Upstream activity exhibits the major effectthat megadeals have had in Q4 2023, which
has driven up the average disclosed value pertransaction from USD 198.4mn to USD 1bn
in this subsegment.
In midstream, the reduction of announced
deals is matched by the reduction in global
disclosed value, which caused the average
disclosed value to vary from USD 513.8mn
per deal to USD 515.6mn.
Finally, downstream increased in deals while
reducing its global disclosed value.
Consequently, the average deal value
contracted from USD 1.1bn to USD 79.9mn.
Definitions:
mn: million.
bn: billion.
Megadeals: transactions over USD 1bn.

M&A by Subsegment
M&A Quarterly Deal Count
404

216

Q1

208

218

Q2

Q3

302

268

Q4

Q1

2021

264

Q2

232

Q3

230

Q4

Q1

270
190

Q2

2022
Upstream

Midstream

154

Q3

Q4

2023
Downstream

QoQ M&A Activity

Upstream

Midstream

Downstream

Quarter

Announced
Deals

Disclosed
Value

Top 4
Deals

Other
Deals

Q3 2023100 Deals

USD 20bn

66%

34%

Q4 2023169 Deals

USD 172bn

89%

11%

Q3 202340 Deals

USD 21bn

68%

32%

Q4 2023

32 Deals

USD 16bn

64%

36%

Q3 2023

14 Deals

USD 16bn

100%

0%

Q4 202369 Deals

USD 6bn

80%

20%

Source: S&P between October 1 and December 31, 2023

15

Global Data

Market Review

M&A Transactions

Trading Statistics

Hotspots for Oil and Gas Deal Activity
Key Considerations
▪

▪

▪

▪

▪

▪

Q4 M&A Takeaways

M&A activity in Q4 2023 was heavily focusedon North America, specifically the U.S. andCanada.

No. of Deals

The U.S. remains the most active M&A
market in the world, accounting for USD
156.6bn, equivalent to 80.8% of global
disclosed value for 98 deals, representing
36.3% of deals announced globally.
Canada is the second-largest market in termsof globally announced deals and is third inworldwide disclosed value. The country
exhibited 29 deals whose disclosed value was
USD 7.8bn, which represented 10.7% of
global deals and 4% of global disclosed value.
Outside North America, in Germany, themegadeal announced involving Wintershall
Dea’s sale of its upstream assets to Harbour
Energy for USD 11.2bn represented 5.8% of
the global disclosed value.
In Q4 2023, 18 megadeals valued at USD
179.2bn (92.5% of global disclosed value)
were executed, compared to nine megadeals
valued at USD 46bn in Q3 2023.
ExxonMobil’s merger with Pioneer for USD
66.5bn and Chevron’s acquisition of Hess for
62.6bn have dominated global activity, as
they accounted for 66.7% of global disclosed
value and 82.5% of U.S. disclosed value.
Definitions:bn: billion.
Megadeals: transactions over USD 1bn.

137
Deals

270
Deals

USD 17bn
USD 8bn
USD 12bn

98
Deals

29
Deals

USD
194bn

66.5bnAcquisition of

CrownRock L.P. by
Occidental
Petroleumfor USD 12.0bn

USD
157bn

6 Deals

United States

Acquisition of
Pioneer Natural
Resources by Exxon
Mobil for USD

Disclosed Value

Germany

CanadaTop Q4 Deals
The top 4 deals
represent 78.5%

of global
disclosed value.

Other

Acquisition of
Hess by Chevronfor USD 62.6bn
Acquisition of
Wintershall Dea
Upstream Assets by
Harbour Energy
for USD 11.2bn

Source: S&P between October 1 and December 31, 2023

16

Global Data

Market Review

M&A Transactions

Trading Statistics

Hotspots for Oil and Gas Deal Activity
Announced Megadeals Heatmap
Canada I 4 Megadeals
Midstream
USD 2.3bn

Upstream
USD 1.8bn

Upstream
USD 1.1bn

Upstream
USD 1.1bn

Belgium I 3 Megadeals

United States I 7 Megadeals
Upstream
USD 66.5bn

Upstream
USD 62.6bn

Upstream
USD 2.1bn

Upstream
USD 12.0bn

Downstream
USD 2.0bn

Upstream
USD 2.7bn

Midstream
USD 1.8bn

Midstream
USD 2.7bn

Midstream
USD 2.4bn

Midstream
USD 1.4bn

Other I 4 Megadeals
Upstream
USD 11.2bn

Midstream
USD 3.1bn

Upstream
USD 1.3bn

Downstream
USD 1.1bn

No. of Megadeals+-

Explanatory Note:
The heatmap displays M&A activity distribution across the world based only on the number of megadeals announced during the period and does not take into consideration their respective
value. 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 Q4 2023.
Definitions:bn: billion.
Megadeals: transactions over USD 1bn.

17

Global Data

Market Review

M&A Transactions

Trading Statistics

Megadeals Announced
Upstream
USD 66.5bn
October2023

November
2023

Acquirer

SellerAcquirer

SellerA corporate deal forWest Texas Midland
Basin oil assets

A corporate deal for oil
assets in Bakken Shale,
deepwater GOM, Guyana

USD 1.8bn

USD 1.3bn

Acquirer

SellerA corporate deal for
Alberta Montney Shalegas weighted assets

USD 12.0bn
December
2023

USD 62.6bn

Acquirer

SellerA corporate deal forWest Texas Midland
Basin oil assets

Acquirer

USD 2.1bn
Acquirer

SellerAn asset deal for Texas
Midland Basing
producing assets

USD 1.1bn
Acquirer

SellerA corporate deal for
Alberta Deep Basin gas
assetsUSD 1.1bn
Acquirer

SellerAn asset deal for Alberta
oil sands Fort Hills
development

SellerAn asset deal for FPSO
Liza Unity

USD 11.2bn
Acquirer

SellerA corporate deal forWest Texas Midland
Basin oil assets

USD 2.7bn
Acquirer

SellerA corporate deal forWest Texas Midland
Basin oil assets

Source: IHS Markit as of December 31, 2023
Definition:
Transaction value (USD): deal value paid for equity, plus the value of assumed current liabilities, net of current assets.

18

Global Data

Market Review

M&A Transactions

Trading Statistics

Megadeals Announced
Midstream
USD 2.4bn
October2023

November
2023

Acquirer

Seller

USD 1.4bn
Acquirer

SellerAn asset deal for 24
VLCC tankers

A corporate deal oil for26.12% of Euronav’s
issued shares

USD 3.1bn

USD 2.7bn

Acquirer

SellerAn asset deal for 11
newbuild LNG carriers

Downstream

Acquirer

SellerA mandatory corporate
deal to acquire remaining
50.95% stake in Euronav

USD 1.8bn
Acquirer

SellerAn asset deal for a Texas
natural gas pipeline
portfolio

USD 2.3bn
December
2023

Acquirer

SellerAn asset deal for 50%
interest in Alliance
Pipeline

USD 1.1bn
Acquirer

SellerA corporate deal for
Convenience Group
Holdings Pty Ltd.

USD 2.0bn
Acquirer

SellerAn asset deal for natural
gas storage facilities inLouisiana and Mississippi

Source: IHS Markit as of December 31, 2023
Definition:
Transaction value (USD): deal value paid for equity, plus the value of assumed current liabilities, net of current assets.

19

Global Data

Market Review

M&A Transactions

Trading Statistics

Commodity Prices% Change

Date

∆QoQ

∆YoY

Unit

Type

SourceQ4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023WTI Crude Oil

USD/BblSpot

Bloomberg

80.3

75.7

70.6

90.8

71.7

-21.1%-10.7%

Brent Crude Oil

USD/BblSpot

Bloomberg

85.9

79.8

74.9

95.3

77.0

-19.2%-10.3%

Dubai Crude

USD/BblSpot

Bloomberg

77.2

78.5

75.0

93.3

77.3

-17.1%

0.2%

OPEC Crude Oil Basket

USD/BblSpot

Bloomberg

81.3

78.1

76.1

96.4

78.4

-18.6%-3.5%

Henry Hub Natural Gas

USD/MMBtu

Spot

Bloomberg

4.5

2.2

2.8

2.9

2.5

-14.2%-43.8%

Dutch TTF Natural Gas

USD/MMBtu

Spot

Bloomberg

24.6

15.0

11.8

11.9

10.3

-12.9%-58.0%

Japan Korea Natural Gas

USD/MMBtu

Spot

Bloomberg

29.5

13.5

12.2

14.6

11.5

-21.3%-61.0%

U.S.G.C. Regular Gasoline

USD/GalSpot

Bloomberg

2.5

2.6

2.4

2.6

2.1

-19.5%-18.9%

U.S.G.C. Diesel

USD/GalSpot

Bloomberg

3.4

2.6

2.4

3.3

2.4

-27.6%-29.2%

U.S.G.C. Jet Fuel

USD/GalSpot

Bloomberg

3.4

2.5

2.3

3.1

2.3

-24.6%-31.3%

Heating Oil

USD/GalSpot

Bloomberg

3.4

2.7

2.4

3.4

2.6

-24.1%-24.1%

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. Percentage change column may present differences due to therounding of the Commodities’ spot prices in the tables.

20

Global Data

Market Review

M&A Transactions

Trading Statistics

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

Share Price
29-Dec-23

52-Week Share Price
Low

High

MarketCap

Enterprise
Value

Revenues

EBITDAFY2023

FY2023

FY2022

EBITDA
MarginFY2023

EV/EBITDA
FY2023

FY2022Integrated Majors

Exxon Mobil Corporation

99.98

95.77

120.70399.60415.74338.81

71.47

91.13

21.09%

5.82x

4.56x

Chevron Corporation

149.16

139.62172.88280.73296.33194.80

42.18

57.45

21.65%

7.03x

5.16x

Shell plc

32.75

27.54

35.88

213.69256.35316.62

62.90

78.39

19.86%

4.08x

3.27x

TotalEnergies SE

68.09

55.24

70.81

160.14190.79218.95

43.57

62.54

19.90%

4.38x

3.05x

BP p.l.c.

5.94

5.65

7.20

100.53146.55208.35

44.16

53.58

21.19%

3.32x

2.74x

Average20.74%

4.92x

3.76x

Median21.09%

4.38x

3.27x

Source: Bloomberg as of December 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 December 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.

21

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-Dec-23

Low

High

MarketCap

Saudi Arabian Oil Company

8.81

7.49

9.37

2132.13

PetroChina Company Limited*

0.66

0.53

0.81

175.15

Petróleo Brasileiro S.A. - Petrobras

7.70

4.51

8.63

Equinor ASA

31.77

24.55

China Petroleum & Chemical Corporation*

0.52

0.47

Eni S.p.A.

16.96

Oil and Natural Gas Corporation Limited
PTT Public Company Limited

Enterprise
Value

Revenues

EBITDA
MarginEBITDAFY2023

FY2023

FY20222157.39495.06257.43325.50217.65420.18

67.08

68.14

102.56151.98105.52

56.10

36.61

93.84

109.45106.85

0.70

87.50

149.24456.87

12.77

17.30

54.66

71.27

2.46

1.77

3.44

30.99

1.05

0.83

1.03

29.70

Ecopetrol S.A.

0.61

0.51

0.68

Indian Oil Corporation Limited

1.56

0.92

2.38

Bharat Petroleum Corporation Limited

5.41

3.88

YPF Sociedad Anónima

20.64

4.21

FY2023

EV/EBITDA
FY2023

FY202252.00%

8.38x

6.63x

15.96%

3.24x

3.19x

66.64

53.17%

2.71x

2.28x

46.03

82.33

43.08%

2.38x

1.33x

24.66

25.31

5.40%

6.05x

5.90x

104.86

20.19

27.47

19.26%

3.53x

2.59x

45.35

70.62

12.48

10.15

17.67%

3.63x

4.47x

66.19

91.47

11.25

11.11

12.30%

5.88x

5.96x

24.84

56.28

36.93

15.13

15.14

40.96%

3.72x

3.72x

21.48

34.22

93.89

10.17

6.27

10.83%

3.36x

5.46x

8.31

11.74

15.71

54.02

5.42

2.49

10.04%

2.90x

6.32x

27.23

8.12

11.29

17.31

2.00

3.57

National Oil Companies

11.55%

5.65x

3.17x

Average

24.35%

4.29x

4.25x

Median16.82%

3.58x

4.09x

Source: Bloomberg as of December 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 December
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 Q3 2023 period, as companies did not present earnings information for the Q4 2023 period by the elaboration time of this report.

22

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-Dec-23

Low

High

MarketCap

ConocoPhillips

116.0791.53

127.35137.82

EOG Resources, Inc.

120.9598.52

136.7970.53

Occidental Petroleum Corporation

59.71

55.12

67.67

Hess Corporation

144.16113.82

Repsol, S.A.

14.87

13.61

Inpex Corporation

13.51

8.91

Enterprise
Value

Revenues

EBITDA
MarginEBITDAFY2023

FY2023

FY2022147.44

57.86

24.75

34.92

69.35

23.27

13.20

13.79

52.40

80.79

28.26

13.02

167.75

44.09

52.04

10.30

17.34

18.98

26.77

58.71

16.13

17.00

24.97

15.36

FY2023

EV/EBITDA
FY2023

FY202242.78%

5.96x

4.22x

56.73%

5.25x

5.03x

20.59

46.07%

6.21x

3.92x

5.07

5.69

49.27%

10.26x

9.15x

7.25

10.65

12.34%

3.69x

2.51x

9.72

11.74

63.28%

2.57x

2.13x

Average45.08%

5.66x

4.50x

Median47.67%

5.60x

4.07x

Global Independent

Source: Bloomberg as of December 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 December 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
Regional Independent(USD bn, except for per-share data)

Share Price
29-Dec-23

52-Week Share Price
Low

High

MarketCap

Enterprise
Value

Revenues

EBITDA
MarginEBITDAFY2023

FY2023

FY2022

FY2023

EV/EBITDA
FY2023

FY2022

Regional Independent
Canadian Natural Resources Limited

65.73

49.79

73.20

71.22

80.64

27.24

12.50

16.53

45.90%

6.45x

4.88x

Pioneer Natural Resources Company

224.88177.27257.76

52.47

57.52

19.37

9.30

12.51

47.99%

6.19x

4.60x

Suncor Energy Inc.

32.14

27.51

35.42

41.72

51.56

37.17

12.38

18.64

33.29%

4.17x

2.77x

Cenovus Energy Inc.

16.72

14.70

21.64

31.36

38.36

39.53

7.51

9.68

18.99%

5.11x

3.96x

Imperial Oil Limited

57.15

44.65

65.68

30.63

31.88

38.39

6.12

8.26

15.93%

5.21x

3.86x

Devon Energy Corporation

45.30

40.47

56.19

29.02

34.99

14.43

7.48

10.27

51.87%

4.68x

3.41x

Diamondback Energy, Inc.

155.08119.01

185.78

27.76

34.09

7.96

6.09

7.34

76.49%

5.60x

4.65x

Aker BP ASA

29.14

22.38

30.82

18.37

21.35

13.67

12.24

11.77

89.52%

1.74x

1.81x

Santos Limited

5.18

4.34

5.35

16.78

20.77

5.89

3.58

4.73

60.77%

5.80x

4.39x

Marathon Oil Corporation

24.16

20.57

29.56

14.14

19.80

6.45

4.31

5.24

66.84%

4.59x

3.78x

Average50.76%

4.95x

3.81x

Median49.93%

5.16x

3.91x

Source: Bloomberg as of December 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 December 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.

24

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-Dec-23

Low

High

MarketCap

Schlumberger Limited

52.04

42.73

62.12

74.33

Baker Hughes Company

34.18

26.12

37.58

34.39

Halliburton Company

36.15

27.84

43.85

TechnipFMC plc

20.14

12.04

NOV Inc.

20.28

14.05

Weatherford International plc

97.83

ChampionX Corporation
Patterson-UTI Energy, Inc.

Enterprise
Value

Revenues

EBITDA
MarginEBITDAFY2023

FY2023

FY2022

84.30

33.14

7.25

5.82

37.01

25.51

3.73

3.05

32.36

39.26

23.02

5.08

22.97

8.77

10.26

7.82

21.91

7.99

9.90

8.58

51.46

111.68

7.06

8.36

29.21

23.66

38.37

5.69

10.80

9.70

16.18

4.51

Liberty Energy Inc.

18.14

11.18

22.16

ProPetro Holding Corp.

8.38

6.33

11.37

FY2023

EV/EBITDA
FY2023

FY202221.87%

11.63x14.48x14.64%

9.92x

12.15x

3.94

22.07%

7.73x

9.96x

0.90

0.58

11.51%

11.39x17.78x1.03

0.70

11.97%

9.64x

14.09x

5.14

1.15

0.76

22.34%

7.29x

10.99x

6.06

3.76

0.75

0.62

19.92%

8.09x

9.83x

5.80

4.15

1.18

0.71

28.54%

4.90x

8.17x

3.06

3.48

4.75

1.18

0.82

24.79%

2.95x

4.24x

0.95

0.97

1.63

0.38

0.29

23.54%

2.54x

3.32x

Average20.12%

7.61x

10.50xMedian21.97%

7.91x

10.47xOilfield Services

Source: Bloomberg as of December 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 December 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
Midstream Oil and Gas(USD bn, except for per-share data)

Share Price

52-Week Share Price

29-Dec-23

Low

High

MarketCap

Enbridge Inc.

36.12

31.71

40.09

76.77

Enterprise Products Partners L.P.

26.35

24.66

28.26

57.23

The Williams Companies, Inc.

34.83

27.80

37.45

Energy Transfer LP

13.80

11.45

ONEOK, Inc.

70.22

55.91

TC Energy Corporation

39.09

Kinder Morgan, Inc.
MPLX LPEnterprise
Value

Revenues

EBITDA
MarginEBITDAFY2023

FY2023

FY2022140.93

33.05

10.46

9.41

87.51

49.72

8.83

8.73

42.37

68.48

9.95

6.29

15.28

43.40

105.80

78.59

78.19

40.91

62.68

17.68

32.52

42.76

40.66

90.10

17.64

15.89

18.30

39.21

36.72

33.03

40.77

36.76

Plains All American Pipeline, L.P.

15.15

11.28

16.88

Antero Resources Corporation

22.68

19.91

30.90

EnLink Midstream, LLC

12.16

8.46

Equitrans Midstream Corporation

10.18

4.60

FY2023

EV/EBITDA
FY2023

FY202231.66%

13.47x14.97x17.76%

9.91x

10.02x

5.04

63.19%

10.89x13.60x

12.69

12.29

16.15%

8.34x

8.61x

4.22

3.43

23.87%

14.85x18.26x

12.07

7.27

6.44

60.25%

12.39x13.99x

71.89

15.33

6.44

6.17

42.00%

11.16x11.65x

57.92

10.68

5.51

5.67

51.62%

10.51x10.22x

10.62

24.15

48.71

2.41

2.53

4.94%

10.04x

9.56x

6.82

11.79

4.49

1.25

3.43

27.87%

9.43x

3.43x

13.98

5.56

11.96

6.88

1.37

1.32

19.92%

8.73x

9.06x

11.71

4.44

12.59

1.39

1.03

1.07

Midstream Oil and Gas

73.79%

12.24x11.72xAverage36.08%

11.00x11.26xMedian29.76%

10.70x10.94x

Source: Bloomberg as of December 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 December 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.

26

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-Dec-23

52-Week Share Price
Low

High

MarketCap

Enterprise
Value

Revenues

EBITDA
MarginEBITDAFY2023

FY2023

FY2022

FY2023

EV/EBITDA
FY2023

FY2022

Refining and Marketing
Reliance Industries Limited

31.05

26.35

36.56

197.30229.71105.40

18.07

14.37

17.14%

12.71x15.99xMarathon Petroleum Corporation

148.36104.32

181.63

56.33

78.79

149.35

16.95

22.97

11.35%

4.65x

3.43x

Phillips 66

133.1489.74

150.77

58.58

75.65

147.40

10.00

11.31

6.78%

7.57x

6.69x

Valero Energy Corporation

130.00104.18152.20

44.26

51.95

139.00

14.66

18.27

10.55%

3.54x

2.84x

Neste Oyj

35.60

26.79

50.69

27.35

29.81

25.34

2.53

3.07

9.97%

11.80x9.72x

Formosa Petrochemical Corporation

2.63

2.22

2.86

25.09

23.58

23.26

0.95

0.63

4.08%

24.86x37.57x

Targa Resources Corp.

86.87

64.85

105.58

19.37

34.06

16.06

3.96

2.83

24.67%

8.60x

12.04xPembina Pipeline Corporation

34.54

28.77

35.77

18.98

29.11

6.91

2.05

2.11

29.72%

14.18x13.82xOMV Aktiengesellschaft

43.96

40.66

50.61

14.38

21.71

42.60

7.44

14.92

17.47%

2.92x

1.46x

ENEOS Holdings, Inc.

3.98

3.06

4.60

11.99

35.12

98.80

5.30

8.27

5.37%

6.63x

4.25x

HF Sinclair Corporation

55.57

37.12

62.20

11.11

13.23

31.96

2.77

4.60

8.68%

4.77x

2.87x

SK Innovation Co., Ltd.*108.9581.97

175.00

9.51

27.62

57.12

1.98

4.54

3.46%

13.96x

6.08x

PBF Energy Inc.

43.96

31.26

56.38

5.37

5.69

38.32

2.30

4.48

6.01%

2.47x

1.27x

Sunoco LP

59.93

40.81

64.89

5.04

9.13

23.07

0.82

0.86

3.53%

11.21x10.64xCVR Energy, Inc.

30.30

22.60

39.36

3.05

3.98

9.25

1.42

1.26

15.39%

2.80x

3.15x

Average11.61%

8.84x

8.79x

Median

9.97%

7.57x

6.08x

Source: Bloomberg as of December 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 December 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 Q3 2023 period, as companies did not present earnings information for the Q4 2023 period by the elaboration time of this report.

27

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 Price

29-Dec-23

Low

High

MarketCap

The Williams Companies, Inc.

34.83

27.80

37.45

42.37

Woodside Energy Group Ltd

21.17

19.01

25.80

40.20

Cheniere Energy, Inc.

170.71135.30183.46

ONEOK, Inc.

70.22

55.91

TC Energy Corporation

39.09

32.52

Kinder Morgan, Inc.

17.64

Coterra Energy Inc.
Southwestern Energy Company

Enterprise
Value

Revenues

EBITDA
MarginEBITDAFY2023

FY2023

FY2022

68.48

9.95

6.29

5.04

43.90

13.99

8.70

10.41

40.67

67.32

19.78

16.71

78.19

40.91

62.68

17.68

42.76

40.66

90.10

12.07

15.89

18.30

39.21

71.89

25.52

22.25

29.89

19.20

6.55

4.57

7.69

7.21

FY2023

EV/EBITDA
FY2023

FY202263.19%

10.89x13.60x62.18%

5.05x

4.22x

5.62

84.47%

4.03x

11.98x4.22

3.43

23.87%

14.85x18.26x7.27

6.44

60.25%

12.39x13.99x

15.33

6.44

6.17

42.00%

11.16x11.65x

20.91

5.68

3.80

6.91

66.77%

5.51x

3.02x

11.46

6.52

6.18

3.30

94.82%

1.85x

3.48x

Average62.19%

8.22x

10.02xMedian62.68%

8.20x

11.81xGas Specialist

Source: Bloomberg as of December 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 December 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.

28

Stay Ahead withKroll

Why KROLL?
Leading provider of global risk and financial advisory solutions to build, protect, restore andmaximize your organization’s value

Stay Ahead with KROLL
Expert-Led Insights

Proprietary Data Intelligence

World-class experts withdemonstrated success of helping
clients stay ahead of opportunities
and threats and navigate missioncritical, complex challenges

Digitizing our advisory insights fromacross our business to create unique,valuable and actionable intelligence,such as investment and reporting
offerings, empowering our clients withthe knowledge to make better decisions

Values-Driven

Trusted Brand

Instilling excellence, ambition,
courage and inclusion throughout
the organization and collaborating
as One Team, One Kroll to deliver,innovate and grow together leads tooutstanding client service, innovative
solutions and shared growth

Nearly 100-year history of relentlessclient focus, innovation and excellencein risk, governance, transactions andvaluation

Cohesive Tech-Enhanced
Platform
Purpose-built modular tools forkey buyer types presented on an
integrated basis, embedded with
our expertise, insights and data
intelligence

Compelling Breadth of
Global Capabilities
Global capabilities, delivered as
integrated, jointly sold solutions,driving value creation andprotection in the most criticalareas of need30

Integrated Risk Intelligence Solution

Our comprehensive capabilities offers clients a holistic, impact-driven solution to protect
value 24/7

Prevent

Kroll maps its comprehensive database of risk events
against a firm’s business impacts to help devise andimplement prevention strategies.

Advisory-led

DetectKroll then provides comprehensive detection solutions toalert when those risk events are triggered and quantifies
the emerging business impacts as they materialize.

Technology-enabled

Respond

Data-driven

Should a risk event be discovered, Kroll’s technology and expert
human advisory is on-call to respond immediately; implementing
or modifying mitigation actions to minimize business impacts.

Workflow enabled

Insight

Once the risk event and associated risks are successfully mitigated andthe business impact danger is over, Kroll works with firms to identify
insights and modify prevention and mitigation strategies.

31

Leading Provider of Global Risk and Financial
Advisory Solutions
We help clients build, detect, manage and mitigate enterprise risk and make strategic andinformed financial decisions to achieve an enduring competitive advantage
Valuation

Compliance and Regulation

Corporate Finance and Restructuring

Valuation of businesses, assets andalternative investments for financial
reporting, tax and other purposes.

End-to-end governance, advisory
and monitorship solutions to detect,
mitigate and remediate security,
legal, compliance and regulatory
risk.

M&A advisory, restructuring and insolvency,
debt advisory, strategic alternatives, transaction
diligence and independent financial opinions.

Cyber Risk

Environmental, Social and Governance

Investigations and Disputes

Incident response, digital forensics, breach
notification, managed detection services,
penetration testing, cyber assessments andadvisory.

Advisory and technology solutions, including
policies and procedures, screening and due
diligence, disclosures and reporting,investigations, value creation and monitoring.

Worldwide expert services and tech-enabledadvisory through all stages of diligence,
forensic investigation, litigation, disputes andtestimony.

Digital Technology Solutions

Business Services

Enriching our professional services, ourintegrated software platform helps clients
discover, quantify and manage risk in thecorporate and private capital market
ecosystem.

Expert provider of complex administrative solutions
for capital events globally. Our services include
claims and noticing administration, debt
restructuring and liability management services,
agency and trustee services and more.
32

Industries & Partners
As the leading independent provider of risk and financial
advisory solutions, Kroll provides unparalleled industry
expertise.
With our extensive expertise across different industries, we
can better partner with portfolio companies of private equity
firms as well as the clients of law firms in order to meet theobjectives of all parties.

CONSUMER PRODUCTS & RETAIL

ENERGY & MINING• Oil & Gas• Energy Equipment & Services• Renewables• Electric Utilities

LAW FIRMSHEALTHCARE & LIFE SCIENCES

REAL ESTATE• Biotech• Healthcare Providers• Medical Devices• Pharmaceuticals• Real Estate Management• Residential & Mortgage

TECHNOLOGY, MEDIA & TELECOM
INDUSTRIALS• Aerospace & Defense• Construction & Engineering• Transportation & Logistics

FINANCIAL SERVICES• Private Equity• Funds• Insurance• Investment Banks

33

Our Locations
6,500 professionals worldwide continuing the firm’s nearly 100-year history of trusted expertise.
Across 34 countries and territories worldwide

Asia Pacific

The Americas
Atlanta

Mexico City

TorontoAustinMorristown

Washington, D.C.

BermudaNashville

Waterbury

BogotaNew York

Buenos Aires

Philadelphia

Caribbean

BostonRichardson

ChicagoSan Francisco

British Virgin
Islands

Dallas

Sao Paulo

Cayman Islands

Ellensburg

SeattleHouston

Secaucus

Los Angeles

Silicon Valley

Bangalore

Mumbai

Beijing

New Delhi

Guangzhou

Shanghai

Hanoi

ShenzhenHong Kong

Singapore

Hyderabad

SydneyJakarta

Taipei

Kuala Lumpur

Tokyo

ManilaEurope, Middle East and Africa
Abu Dhabi

Birmingham

Guernsey

MadridPesaroAgrate Brianza

Brussels

JerseyManchester

RiyadhAmsterdam

Dubai

Johannesburg

Milan

Rome

Barcelona

DublinLisbonMunichTurin

BerlinFrankfurt

LondonPadua

ZurichBilbaoGibraltar

Luxembourg

Paris

Q

Our Clients

We collaborate with an exclusive array of C-suite executives, board of directors, GCs andPE elite; our seasoned experts work hand-in-hand with top-tier leaders to gain strategic
advantage and maximize your organization’s value

62%

47%

of Fortune
100 companiesof the S&P
500 companies

21 of the94%of Am Law
100 law firms

24 of the25 largest private
equity firms
in the PEI 300

25 largest
Euro STOXX®
companies

69%

21 of theof the 100 largest
Euro STOXX®
companies

25 largest
hedge fundcompanies

35

Excellence in Client Service
At Kroll, we value our clients’ feedback. Our third-party research reveals that Kroll is very well known andwell regarded among its clients, receiving very strong ratings across key measures

Brand Favourability
59

62

64

66

69

-16

-13

-9

74

75

79

86

87

6

34

Likelihood to Recommend
-32

-30

-18

-5

-4

-1

0

5

(part of Google
Cloud)

Source: Third party conducted research for Kroll as per US & UK clients combined36

Our Awards and Rankings

won in 2 categories atComputing Security
Excellence Awards:​

Named Kroll as
MDR Champion

Global Infosec
Awards 2023

Named Kroll inManaged Detection andResponse and Digital
Forensics and Incident
Response Retainer
market guides

Hot company DevSecOps
Cutting Edge Crypto Security
Most Comprehensive
Incident Response
Hot Company (MDR)
Service Provider

DevSecOps AwardEnterprise Security
Solution Award

named Kroll as

Incident Response Leader

named Kroll Product,Innovation and Overall
Leader in the MDR
Leadership Compass

Recognized Kroll as oneof the largest“notable provider”
in MDR

Featured in the

MSSP-Alert’s
top 40 MDR

GetApp - Category
Leaders 2023

37

Our Awards and Rankings

Private Equity Wire
European Awards 2024

Private Equity Wire US
Awards 2023 and 2022

Peer2Peer FinanceAwards 2023

Best Regulatory &Compliance Firm
2024, 2023

Kroll Wins Best
Regulatory and Compliance
Firm of the YearBusiness Advisory Firmof the Year andRestructuring Firmof the Year

ISC West Award WinnerBest in Threat/Risk
Management Software
Application

IAM Patent 1000 2023
Recommended firm for Expert
Witnesses

Who’s Who Legal
Ranked 3rd for number oflistings in Who’s Who Legal
Arbitration 2023

G2 Crowd Badges:2023 Best In Class
Award for Enterprise GRC
Management - Medium
Enterprise (GRC 20/20)

2023 Most Promising
Risk Management
Service Provider

Great Place to Work:Best Workplacesin Technology –Canada 2023

Users Love Us
Best Support - Enterprise Summer 2023
High Performer - Enterprise Summer 2023

38

Our Awards and Rankings

Featured
Customers: 2023
Customer Success
Award - Top
Performer

iManage Corporate
Awards 2022
iManage Corporate Partnerof the Year Award 2022

Global Arbitration
Review’s GAR 100 Expert
Witness
Firms Power Index - 2022
Ranked fifth on the Annual
List of Top Expert
Firms globally.

IDC MarketScape 2021
Named a Global Leader
in Incident
Response Readiness

SC Awards Europe 2022
Winner - Managed Detection
and Response Solution
Finalist - Best Incident
Response Solution

Global Investigations
Review (GIR) 100 2021
Named as one of the Top 100
Cross-Border Investigations
practices39

Our Awards and Rankings

LSEG (FKA Refinitiv)
Global M&A Review 2023

Chambers and Partners’
Litigation Support
Guide 2023

Best Valuations Firm
HFM European Services
Awards 2023

Ranked No. 1
for Total Number of Fairness
Opinions in the U.S., EMEA,
Australia and Globally in 20231
1Based on credited deals

per LSEG (FKA Refinitiv)

Forensic Accountants 2022
LEXOLOGY Client Choice
Awards 2022 –Exclusive Winner ofForensic Accountants

Turnaround, Restructuring& Insolvency Awards 2021
Winner - Turnaround Firmof the Year40

For more information, please contact:
Global Energy and Mining

Oil and Gas Corporate FinanceDavid Scott

Miguel Peleteiro

Diogo Pais

Germán Ricardi

Managing Director,

Managing Director,

Managing Director,

Vice President,

Global Energy and Mining
LeaderHead of Oil and Gas Americas
Corporate Finance

Oil and Gas Corporate Finance

Oil and Gas Corporate Finance

Dallas

Mexico City

Mexico City

Mexico City

Tel +1 469 547 3914

Tel +52 55 6820 6940

Tel +52 55 6820 6986

Tel +52 55 6820 6901

David.Scott@kroll.com

Miguel.Peleteiro@kroll.com

Diogo.Pais@kroll.com

German.Ricardi@kroll.com

North America

EuropeEraj Weerasinghe

Anna Hensel

Managing Director,

Middle East and North Africa

Southeast Asia

Murad Dovodov

Hakim Abdeljaouad

Srividya Gopal

Managing Director,

Director,

Managing Director,

Managing Director,

Valuation Services

Risk Advisory

Valuation Advisory

Valuation Services

Valuation Services

San Francisco

LondonLondonDubai

SingaporeTel +1 415 693 5320

Tel +44 20 7089 4834

Tel +44 20 7029 5165

Tel +971 56 115 6109

Tel +65 6589 9191

Eraj.Weerasinghe@kroll.com

Anna.Hensel@kroll.com

Murad.Dovodov@kroll.com

Hakim.Abdeljaouad@kroll.com

Srividya.Gopal@Kroll.com

For questions regarding data in this report, please contact:
Jorge Pérez Olea | Vice President

Miguel Recio Velázquez | Senior Associate

Jorge.PerezOlea@kroll.com

Miguel.RecioVelazquez@kroll.com

About KrollAs the leading independent provider of risk and financial advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex demands. Kroll’s team of morethan 6,500 professionals worldwide continues the firm’s nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence
provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities. Learn more at
www.kroll.com
M&A advisory, capital raising and secondary market advisory services in the United States are provided by Kroll Securities, LLC (member FINRA/SIPC). M&A advisory, capital raising and secondary market
advisory services in the United Kingdom are provided by Kroll Securities Ltd.., which is authorized and regulated by the Financial Conduct Authority (FCA). Valuation Advisory Services in India are provided
by Kroll Advisory Private Limited (formerly, Duff & Phelps India Private Limited), under a category 1 merchant banker license issued by the Securities and Exchange Board of India.
© 2024 Kroll, LLC. All rights reserved.
The material in this report is for information purposes only and is not intended to be relied upon as financial, accounting, tax, legal or other professional advice. This report does not constitute, and should not be construed as soliciting or offering any
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