Daily Newsletter

08 August 2023

Daily Newsletter

08 August 2023

Morgan Stanley, JP Morgan top M&A financial advisers by value, volume in oil and gas sector in H1 2023

An analysis of GlobalData’s financial deals database reveals that Morgan Stanley led by value after advising on $34.3bn worth of deals for the first half of 2023.

Annabel Cossins-Smith August 07 2023

Morgan Stanley led by value while JP Morgan led by volume. Credit: GlobalData Financial Deals Database.

Investment bank and financial services providers Morgan Stanley and JP Morgan were the top mergers and acquisitions (M&A) financial advisers in the oil and gas sector during the first half (H1) of this year by value and volume, according to the latest financial advisers league table from data and analytics company GlobalData.

An analysis of GlobalData’s financial deals database reveals that Morgan Stanley led by value after advising $34.3bn worth of deals for the first half of 2023. Meanwhile, JP Morgan led in terms of volume by advising on a total of 13 deals.

Aurojyoti Bose, lead analyst at GlobalData, said: “JP Morgan was among the only two advisers with double-digit deal volume in H1 2023. Moreover, it registered an improvement in deals volume in H1 2023 compared with [the same period last year], which helped it improve its ranking by volume. JP Morgan went ahead from occupying the fifth position by volume in H1 2022 to top the chart by this metric in H1 2023.

“Morgan Stanley also witnessed a significant jump in deal value in H1 2023 compared with H1 2022. As a result, it went from occupying the 15th position by value in H1 2022 to top the chart by this metric in H1 2023.”

Goldman Sachs occupied the second position in terms of value by advising on $29.8bn worth of deals, followed by Bank of America with $27bn, Perella Weinberg Partners with $24.7bn and JP Morgan with $24.2bn.

Meanwhile, RBC Capital Markets occupied the second position in terms of volume with 13 deals, followed by Bank of America with eight deals, Evercore with eight deals and Jefferies with eight deals.

In 2022, RBC Capital Markets emerged as the top M&A financial adviser by both value and volume in the oil and gas sector for 2022, according to GlobalData analysis published in February. It advised on 22 deals worth a total of $25.7bn.

GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available in the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.

To ensure further robustness of the data, the company also seeks submissions of deals from leading advisers.

ESG 2.0 marks a shift towards stricter environmental rules

ESG is moving into a different era, which we call ESG 2.0. While ESG 1.0 was driven by voluntary corporate action, spurred by pressure from activist consumers and investors, ESG 2.0 is being driven by a new wave of government policies. The EU has taken the regulatory lead, with rules introduced or in the pipeline that will price emissions, regulate the use of the terms ‘ESG’ and ‘sustainability’ in marketing materials, and make ESG reporting mandatory. The US has taken a different approach, favoring less regulation and more financial support in the form of tax breaks for clean industry (renewables plus nuclear and hydrogen). China is planning to expand its emissions trading system to more sectors, decarbonize its heavy industry, and ramp up its use of renewables. The new policy direction is mainly motivated by the ambition to hit net zero emissions targets. But on top of this, governments are now competing for clean industry and trying to challenge China’s leadership on the production of the world’s green technologies such as solar panels and batteries, as well as the production and refinement of materials needed for energy transition such as lithium. These driving forces are leading to policy that will impact every sector, not just heavy industry, and will keep ESG near the top of the regulatory agenda over the longer term.

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