Valuation Analysis Of Oil Enterprise Mergers And Acquisitions

As competition in the global oil and gas industry intensifies,It is becoming more and more difficult for oil companies to obtain high-quality resources,M & A has gradually developed into an important path for companies to achieve scale expansion and asset portfolio optimization.However,due to the periodicity of the oil and gas industry and the high fluctuations in the value of oil and gas assets.There is generally a high degree of uncertainty in the valuation of oil company mergers and acquisitions.As an important factor influencing the success of mergers and acquisitions,many issues such as how the main merger chooses valuation methods,how to measure the synergies of mergers and acquisitions,and how to control the financial risks after mergers and acquisitions have received widespread attention from industry and scholars..Based on this,this article takes the M & A valuation of oil companies as the research object,First combed the five rounds of mergers and acquisitions in the global oil and gas industry and their characteristics.Summarizes the challenges and future development trends of mergers and acquisitions in the oil and gas industry;Then,on the basis of M & A valuation theory and motivation analysis,Carrying out research on the applicability of M & A valuation methods for petroleum companies;Then,taking the largest oil and gas merger and acquisition case in recent years-"Occidental's acquisition of Anadarko" as an example,comprehensively considering the valuation methods such as market method,income method,and empirical method,Scientifically evaluate the value of Anadarko and analyze the rationality of Occidental's premium payment;Finally,from the qualitative and quantitative perspectives,the synergy effects in the case of this article are discussed.And analyze the integration of financial risks afterwards and put forward corresponding risk control measures..Through combing the M & A cycle of the oil industry and researching on cases,This article draws the following conclusions:(1)There is a high premium in the pricing of US $ 76 / share for Anadarko in Western oil mergers and acquisitions,and the long-term low growth characteristics of the oil industry cannot be ignored and the effects of mergers and acquisitions are over-optimistically overestimated;(2)The valuation of mergers and acquisitions in the oil industry should take into account the differences in the value of synergies.For different mergers and acquisitions,due to different motivations,the value of synergies varies greatly;(3)In mergers and acquisitions in the oil industry,the cyclical characteristics of the oil industry should be combined,the financial risks faced by the merger and acquisition should be fully considered,and a practical merger and acquisition strategy and execution plan should be formulated to strengthen the ex-post valuation risk,financing risk,and industry periodic risk control..