04-11-2015, 04:41 AM
InterOil Mentioned
(BFW) Energy M&A Cycle ‘Has Just Begun,’ Bernstein Says; Lists T argets
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Energy M&A Cycle ‘Has Just Begun,’ Bernstein Says; Lists Targets
2015-04-10 12:46:51.160 GMT
By Arie Shapira
(Bloomberg) -- Shell’s purchase of BG Group may start “a frenzy of M&A activity” within energy industry, Bernstein analysts including Neil Beveridge, Hugh Wynne and Oswald Clint write in note.
* Industry “well overdue” for another M&A phase given
previous peaks in 1984 and 1998; laggards likely bought, BP
a possibility given relative underperformance in past 5 yrs
though oil spill liabilities may remain uncertainty
* Cos w/ deepwater portfolios that may be targets include APC,
CIE, Tullow, Galp; LNG E&Ps that may be targets are IOC, Oil
Search
* Among likely NOC acquirers: PTR, SNP, ONGC
* NOTE: Morgan Stanley earlier said E&P M&A expected; XOM, CVX
may be buyers
* NOTE: April 8, Bloomberg said Shell/BG Group deal puts
pressure on big oil to consolidate again
* NOTE: April 8, Iberia said APC seen as attractive takeout
candidate; Feb. 2, Wolfe listed APC among possible targets
for XOM
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To contact the reporter on this story:
Arie Shapira in New York at +1-212-617-1488 or ashapira3@bloomberg.net To contact the editor responsible for this story:
Brad Skillman at +1-212-617-2763 or