KROLL-全球石油和天然气并购展望——2025年第一季度（英）

Industry InsightsGlobal Oil and Gas M&A OutlookQ1 2025Executive SummaryIn this edition of our Global Oil and Gas M&A Outlook, weexamine and evaluate current trends for commodity prices,leading sector indicators, valuation developments, M&Adeals performed during the quarter and the developments infeatured specialty subsectors.Our top insights for this edition are as follows:The numbers for Q1 2025 show a total of 104announced deals with a total disclosed value of USD45.6 bn. This represents a QoQ decline of 31% in thenumber of M&A transactions (46 deals), as well as adecrease of 3% in terms of disclosed value (USD 1.2 bn).The decrease in the volume of transactions is mainlyrelated to a higher market volatility, following the shift incommercial policies, which has reduced the generalinvestors' confidence and hence, impacted the dynamismof the transaction market.North America continues to lead the M&A landscape,accounting in Q1 2025 for 46.6% of the total dealsannounced globally, followed by Europe with a 17.5%share of the number of disclosed deals.The U.S. stands as the world's largest LNG exporter,withrenewedcommercialpoliciessupportinginfrastructure expansion and international trade. Exportsare being driven by an increasing demand from EuropeduetosupplycutsfromRussia,andtheU.S.administration'seffortstoexpediteLNGexportpermitting.Note:For 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. These groups 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. Other M&A analysis performed for the report considers all available and disclosed information.Definitions: LNG: liquefied natural gas.QoQ: Quarter-on-Quarter.FX: foreign exchange.bn: billion. Megadeals: transactions over USD 1 bn. 2Global DataEconomic EnvironmentFX Rates of Key Currency Pairs3M&A TransactionsHotspots for Oil and Gas Deal ActivityMegadeals Announced12Stay Ahead with Kroll27Market ReviewMarket StatisticsLeading Sector IndicatorsSubsector FocusCommodity Prices5Table of ContentsTrading StatisticsCommodity PricesCompany Trading Statistics18Trading StatisticsM&A TransactionsMarket ReviewGlobal DataKey ConsiderationsEconomic EnvironmentDuring Q1 2025, real Gross Domestic Product in the U.S. decreased at an annual rate of 0.3%, while the annualized inflation rate as of March 2025 stabilized at 2.4%. This situation has reinforced a cautious stance from the Federal Reserve, delaying any additional interest rate cuts. As a result, the Fed maintained its benchmark interest rate at a steady level of 4.5% throughout Q1 2025. The macroeconomic indicators and the new commercial policies have impacted major U.S. Indexes: S&P 500 Index decreased by 4.6% QoQ, while the S&P Oil & Gas E&P Index decreased by 0.6% and the Dow J