​Global upstream M&A activity reaches just US$31 billion in Q3

Evaluate Energy's latest M&A review – available for download at this link – shows how the third quarter saw just US$31 billion in new deals agreed. This represents a 66% drop on Q2 2019 and a 36% decline compared to Q3 2018. The total also stands 21% lower than the average quarterly spend of US$40 million over the past five years.

The key driver behind this sluggish quarter for deal activity is the oil price, which averaged US$56/bbl as per the WTI benchmark in Q3 2019, which is 19% lower than the US$70 average price in the same period of last year.

The new Evaluate Energy M&A review looks at all the major deals agreed around the world and helps you understand the overriding industry trends.

Included in the report this quarter:

  • US$17 billion of new upstream deals in the United States, including two major corporate acquisitions in the Permian and DJ Basins
  • BP ends a 60-year association with Alaska in the quarter’s largest individual deal
  • Equinor, ExxonMobil and Lundin Petroleum all involved in a record quarter for deals in Norway’s upstream sector
  • How Brazil’s Petrobras has nearly sold US$15 billion in assets across all sectors this year
  • Details on a near record low for upstream deal activity in Canada

Download the full Global M&A review for Q3 2019 from Evaluate Energy at this link.