Oil prices fell bymore than 50%in the past 6 months…the last major drop inthe late 1990s createdtoday’s super majors.

Mergers and Acquisitions in Oil and Gas

Source: A.T. Kearney

The sharp dropin oil prices willtrigger a waveof M&A.

Mergers and Acquisitions in Oil and Gas

Source: A.T. Kearney

International oil companiesface intense cost pressure...but mega mergers to drivecost synergies are unlikely.

Mergers and Acquisitions in Oil and Gas

Source: A.T. Kearney

Companies with strong cash flowand healthy balance sheets willleverage current M&Aopportunities; otherswill need to definestrategies just tosurvive.

Mergers and Acquisitions in Oil and Gas

Source: A.T. Kearney

National oil companieshave the financialmuscle to capitalizeon M&A… watchfor distressedcompanies tocome knocking.

Mergers and Acquisitions in Oil and Gas

Source: A.T. Kearney

Financial investors willbe able to pick up dealsin 2015… but will needconfidence to see theinvestments throughthis tough period.

Mergers and Acquisitions in Oil and Gas

Source: A.T. Kearney

Mergers and Acquisitions in Oil and Gas

Source: A.T. Kearney

Oil service companies,certain to be hit hard,are sharpeningtheir arrows forconsolidation.

O&G companies withfinancial strength andcash can reshape thecompetitive landscapeto their advantage throughmergers and acquisitions.

Mergers and Acquisitions in Oil and Gas

Source: A.T. Kearney

For more information onMergers and Acquisitionsin Oil and Gas, please visit:www.atkearney.com/oil-gas/ideas-insights/m-a