KROLL-全球石油和天然气并购展望——2025年第三季度（英）

Global Oil and Gas M&A OutlookQ3 2025Industry InsightsExecutive Summary2In this edition of our Global Oil and Gas M&A Outlook, we examine and evaluate current trends for commodity prices, leading sector indicators, valuation developments, M&A deals performed during the quarter and the developments in featured specialty subsectors.Our top insights for this edition are as follows:• The numbers for Q3 2025 show 59 announced deals, with a total disclosed value of USD 41.2 bn. This represents a QoQ decline of 11% in the number of M&A transactions (7 deals), and a decrease of 43% in terms of disclosed value (USD 30.9 bn). • In Q3 2025, transaction activity declined relative to the previous quarter, with fewer large-scale deals observed as portfolios consolidated and shifted focus on selective asset acquisitions. • North America led the M&A activity with 57.6% of the total deals announced globally, followed by Asia Pacific countries, which had a 16.9% share of the disclosed deals. • Commodity price volatility was contained throughout the third quarter of 2025. Despite geopolitical tensions in the Middle East, increased production from OPEC+ countries played a key role in mitigating upward pressure on prices.• The top countries in LNG global commercial flow during Q3 2025 were the U.S., Qatar and Australia as main exporters, and China, Japan and South Korea as main importers.Table of ContentsGlobal Data…………………………………………………………… 3Economic EnvironmentFX Rates of Key Currency PairsStay Ahead with Kroll………………………………………. 27Market Review……………………………………………………… 5Market StatisticsLeading Sector IndicatorsSubsector FocusCommodity PricesM&A Transactions…………………………………………….. 12Hot Spots for Oil and Gas Deal ActivityMegadeals AnnouncedTrading Statistics………………………………………………. 18Commodity PricesCompany Trading StatisticsNote: 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 are composed 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: billion; FX: Foreign Exchange; LNG: liquefied natural gas; Megadeals: transactions over USD 1 bn; OPEC: Organization of Petroleum Exporting Countries; QoQ: quarter-on-quarter.Economic Environment 3Note: The graph portrays the performance of selected indices against the S&P Oil & Gas E&P industry index, which encompasses a selection of the most important exploration and production companies in the world. The calculation takes September 1, 2020, as the starting point and tracks the percent change until September 30, 2025.Definitions: ECB: European Central Bank; Fed: Federal Reserve; MSCI: Morgan Stanley Capital International; QoQ: quarter-on-quarter.Key ConsiderationsSelected Global Index PerformanceSource: Capital IQ.-75%-50%-25%0%25%50%75%100%125%150%175%200%225%250%Sep-20Dec-20Mar-21