Report
Baptiste Lebacq

ODDO : Dallas, home of the dollar and oil

>Acceleration in M&A among US E&P players - After zero activity at the start of the year, a new wave of mergers and acquisitions in the upstream segment resumed in Q2 2021. The pace of deals is frantic, with close to an estimated $ 33bn in transactions covering more than 40 operations. All told, there have been more than 7 deals with a value in excess of $ 1bn each and such intense M&A activity has not been seen since Q2 2019, a quarter that was boosted by a historic...
Underlyings
Schoeller-Bleckmann Oilfield Equipment AG

Schoeller-Bleckmann Oilfield Equipment is engaged as a producer of high precision components and a supplier of oilfield equipment for the oilfield service industry. Co. focuses on non-magnetic drillstring components (non-magnetic drill collars) and downhole tools for drilling and completing directional and horizontal wells. The High Precision Components segment consists of the manufacturing of MWD (Measuring While Drilling) and LWD (Logging While Drilling) precision drillstring components. The Oilfield Equipment segment comprises production and distribution of non-magnetic drill collars, drilling motors and tools for downhole circulation applications, repair and maintenance services.

Tenaris S.A.

Tenaris manufactures and supplies seamless steel pipe products for the global oil and gas industry, as well as other industrial applications. Co. operates an integrated worldwide network of steel pipe manufacturing, research, finishing, and service facilities with industrial operations in the Americas, Europe, Asia, and Africa. Co. produces pipes for boilers, heat exchangers, hydraulic cylinders, automotive, structural and other industrial applications and supplies welded steel pipes for oil and gas pipelines in the South American region. Its principal products include casing, tubing, line pipe, and mechanical and structural pipes. Co.'s organizes its business around one segment: Tubes.

Vallourec SA

Vallourec SA is a France-based company, which specializes in the production of seamless and welded steel tube products for industrial applications. It operates through two segments: Seamless Tubes and Specialty Products. For the oil and gas industry, it designs and develops a comprehensive range of products including seamless tubes and connections for drilling operations, line pipes and well equipment. For the power generation market, it offers tubes that withstand severe temperature and pressure conditions. Its solutions enable power companies to meet the challenges of energy efficiency and reduce CO2 emissions in power plants. It also offers a wide range of tubes for petrochemical installations (refineries), for mechanical engineering applications (hydraulic cylinders and machine tools), for the automotive industry, for construction (stadiums, other complex buildings and structures) and for various other industrial sectors. It operates through Vallourec Solucoes Tubulares do Brasil.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Baptiste Lebacq

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