The Indicator: $532,400,000,000
THAT’S HOW MUCH DRY POWDER THE WORLD’S SIX
largest supermajors had left to spend on transactions at the end of the third quarter of 2015, according to Bloomberg. ExxonMobil led the way by a good distance, with $320 billion in cash and treasury shares available for any potential deal, followed by Chevron with $65 billion and BP with $53 billion. Royal Dutch Shell was in fourth place, with $32.4 billion, followed by ConocoPhillips with $31.5 billion (the vast majority of which is comprised of treasury shares) and Total SA with $30.5 billion. Time will tell whether they actually deploy it or not, but it’s worth remembering that ExxonMobil’s last two major acquisitions – the US$75.3 billion merger between Exxon and Mobil that was announced on November 30, 1998, and the US$36 billion acquisition of XTO Energy that was announced on December 14, 2009 – both happened at the oil market’s nadir.
Rex Tillerson, CEO of ExxonMobil, which had $320 billion in cash and treasury shares available for transactions in Q3 2015