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Regional Q3-2013 Upstream M&A Overview

|Includes:ConocoPhillips (COP)

Regionally, North America's $15.9 billion in oil and gas M&A activity continued to lead albeit with a 38% share, down from 42% in Q2 and down from an average56% share since 2007. North America is followed by the FSU (28%) and Africa (16%) as the globe's most active regions. Noteworthy regional rebounds this quarter occurred in Europe/North Sea and Canada. In Europe (including North Sea), deal activity rebounded to $2.9 billion, up from $0.5 billion in H1 2013. Historically Europe/North Sea tallies about $1.8 billion in deals quarterly. Canada also rebounded to $3.7 billion compared to $2.9 billion in H1 2013. While up, the pace in Canada still lags the $7.6 billion in deals quarterly since 2007.

Africa remains a bright spot and active with a 16% share of global value. Prior to 2013, Africa saw captured 6% of global deal value. South America also is running strong with an 11% share compared to a 5% share historically. In the FSU, deal value surged to $11.6 billion and the region captured a 28% share. The largest FSU transaction in Q3 is $COP's $5 billion sale to CNPC for 8.4% interest in Kashagan field in Kazakhstan.

There were 11 deals which topped the $1 billion threshold during Q3, up from 6 in the previous quarter and equal to Q3 2012. Noteworthy this quarter is the global diversity of these large deals which occurred in eight countries.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: COP