Overview

The downturn in the oil commodity price starting in 2014 had a chilling effect on oil and gas M&A. However, recent price stabilisation has improved the outlook for M&A activity, making a second edition of this book most timely. A feature of the M&A industry has always been its variety of participants, ranging from integrated energy conglomerates to entrepreneurial frontier explorers. New entrants include state-owned oil companies, financial investors, diversifying service contractors and oil traders. With the growth of specialist stock markets, junior and independent oil companies are better able to raise acquisition finance than ever before, and companies specialising in end-of-life reservoirs are filling the spaces left as oil majors go in search of new opportunities. Transaction types are also diverse and are completed using a variety of different deal structures. As well as providing chapters on each type of acquisition method, this book also includes an analysis of the underlying structuring decisions. In addition, this practical guide covers a number of ancillary areas, including valuations, financing, tax and accounting. Decommissioning liability is also considered in an M&A context. A number of new chapters are also featured, covering topics such as competition law, environmental law and dealing with material adverse changes. This comprehensive new edition will prove an essential resource to anyone involved in the upstream industry M&A process including lawyers, bankers, financiers, business executives, accountants and tax advisers.

Full Product Details

Author:   Marc Hammerson ,  John LaMaster
Publisher:   Globe Law and Business Ltd
Imprint:   Globe Law and Business Ltd
Edition:   2nd edition
Weight:   0.650kg
ISBN:  

9781787421486

ISBN 10:   1787421481
Pages:   301
Publication Date:   01 July 2018
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Introduction 5 Paul Bannister Mark W Llamas GMP FirstEnergy Valuation 11 Christopher R K Moore Moyes & Co, Inc Structuring the transaction 31 Jubilee Easo Eversheds Sutherland Joanna Kay Orrick, Herrington & Sutcliffe (UK) LLP Private equity investment in the oil and gas industry 45 Maarten Overmars Simon Tysoe David Ziyambi Latham & Watkins Share purchase agreements 61 Alexander Reid HFW Asset sale and purchase agreements 79 John C LaMaster Akin Gump Strauss Hauer & Feld LLP Public takeovers 109 Mary Bartle David Lewis Clifford Chance LLP Financing oil and gas M&A transactions 127 Robert Aulsebrook Akin Gump Strauss Hauer & Feld LLP Anti-corruption initiatives in upstream oil and gas 147 Tamer A Soliman Mayer Brown Disputes in oil and gas M&A transactions 169 Mark Beeley Orrick, Herrington & Sutcliffe (UK) LLP Financial and tax due diligence 179 Chris Searle BDO LLP Due diligence and warranties 191 Marc Hammerson Caroline-Lucy Moran Akin Gump Strauss Hauer & Feld LLP Dealing with material adverse changes in upstream acquisitions and divestitures 215 John C LaMaster Akin Gump Strauss Hauer & Feld LLP Environmental considerations in oil and gas M&A 227 Julie Vaughan Herbert Smith Freehills Decommissioning in an M&A context 243 Paula Kidd Norman Wisely CMS Cameron McKenna Nabarro Olswang LLP Competition law issues in oil and gas M&A 259 Paul Culliford Andrew Hockley Bryan Cave Leighton Paisner LLP About the authors 279 Index 285

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