KROLL年二季度全球油气并购展望（英）

Global Oil and Gas M&A OutlookQ2 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&A dealsperformed during the quarter and the developments infeatured specialty subsectors.Our top insights for this edition are as follows:The numbers for Q2 2025 show 66 announced deals,with a total disclosed value of USD 72.1 bn. Thisrepresents a QoQ decline of 37% in the number of M&Atransactions (38 deals), but an increase of 58% in termsof disclosed value (USD 26.5 bn).In Q2 2025, Middle East geopolitics played a key role indriving short-term fluctuations in stock and commodityprices. However, Q2 2025 showed overall containedmarket volatility with respect to the previous quarter, asinvestors have already priced in U.S. commercial policy. Arecovery in investors' confidence has positively impactedthe dynamism of the deals market.North America led the M&A activity, with 45.5% of thetotal number of deals announced globally. It is followedby Asia Pacific countries, which had a 22.7% share of thenumber of disclosed deals.The top countries in LNG global commercial flows duringQ2 2025 were the same as Q1 2025; with the U.S., Qatarand Australia being the main exporters and China, Japanand South Korea being the main importers.Note:For this report, Kroll presents market and financial data for different sets of peer groups, according to the most representative subindustries of the oil and gas sector. These groups arecomposed of the most relevant companies by market capitalization. Deals displayed and M&A analysis performed for the report consider all available and disclosed information.Definitions:bn: billionFX: foreign exchangeLNG: liquefied natural gasmegadeals: transactions over USD 1 bnQoQ: quarter-on-quarter2Global DataEconomic EnvironmentFX Rates of Key Currency Pairs3M&A TransactionsHot Spots 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As of June 2025, the U.S. annual inflation rate was 2.7%, exceeding the FED’s 2.0% target. This has contributed to constant pressure to maintain high interest rates.The FED left the federal funds rate unchanged at the 4.25%-4.5% level for the three consecutive meetings held throughout the quarter. The FED has kept a cautious stance, delaying any interest rate cuts until evaluating the economic impact on matters related to tariffs, immigration and taxation. However, the FED signaled a plausible path toward interest rate cuts during the second half of 2025.Easing inflation and optimism around the FED's future rate decision boosted major U.S. indexes in Q2 2025. The S&P 500 Index increased 10.6% QoQ, reaching