BUYER POOL ANALYSIS
Selling a Oil Gas Services to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 7.04x across 104 disclosed deals (P25: 3.85x, P75: 10.67x). Median EV/Revenue 1.78x across 129 deals. Median deal value: $426.38M.
- How many disclosed transactions?
- 143 deals total (143 from 2018+), filtered to Strategic / Industry acquirers of oil gas services businesses.
- Most active buyers
- Chevron Corporation (4) · Cenovus Energy Inc. (3) · Diamondback Energy, Inc. (3) · Devon Energy Corporation (2) · ONEOK, Inc. (2) · ConocoPhillips (2)
Recent disclosed deals
Strategic / Industry acquisitions of oil gas services businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Coterra Energy Inc. | Devon Energy Corporation | $25515.4M | 4.6x | 3.65x |
| 2026 | Rose & Associates, LLP | Computer Modelling Group Ltd. | $12.3M | — | 1.81x |
| 2026 | Valaris Limited | Transocean Ltd. | $6275.1M | 8.6x | 2.65x |
| 2025 | Arrow Engine Company | IES Infrastructure Solutions, LLC | $20.5M | — | 1.03x |
| 2025 | Avenir LNG Limited | Stolt-Nielsen Gas Ltd. | $9.6M | 65.9x | 4.48x |
| 2025 | BridgeTex Pipeline Company LLC | Plains All American Pipeline, L.P. | $180.0M | — | 1.56x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to oil gas services businesses acquired by strategic / industry buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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