Upstream M&A deal spend totalled $16 billion globally - a 19% drop on Q4 2022 – as reduced activity mirrored a downward trend in oil prices, according to Evaluate Energy’s latest M&A infographic.
Key Statistics on the low levels of activity
- Q1’s deal total of $16 billion was also 51% lower than the quarterly average seen over the past five years
- It is the lowest quarterly spend since Q2 2020
- The quarter saw just 20 and 24 deals valued at over $100 million and $50 million, respectively. Both counts are at their lowest since Q3 2020.
Evaluate Energy’s infographic includes:
- Analysis on the causes of this low M&A activity
- Details on spending by region where North American deals continued to dominate
- A deep dive into BP’s recent acquisition activity on the back of its new strategy to slow its shift from fossil fuels