North America’s oil & gas industry sees a drop of 10.7% in deal activity in Q3 2020

18 November 2020 (Last Updated November 18th, 2020 20:18)

North America’s oil & gas industry sees a drop of 10.7% in deal activity in Q3 2020

North America’s oil & gas industry saw a drop of 10.7% in overall deal activity during Q3 2020, when compared to the four-quarter average, according to GlobalData’s deals database.

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A total of 225 deals worth $63.78bn were announced for the region during Q3 2020, against the last four-quarter average of 252 deals.

Of all the deal types, M&A saw most activity in Q3 2020 with 147, representing a 65.3% share for the region.

In second place was venture financing with 63 deals, followed by private equity deals with 15 transactions, respectively capturing a 28% and 6.7% share of the overall deal activity for the quarter.

In terms of value of deals, M&A was the leading category in North America’s oil & gas industry with $55.75bn, while private equity and venture financing deals totalled $7.43bn and $601.48m, respectively.

North America oil & gas industry deals in Q3 2020: Top deals

The top five oil & gas deals accounted for 87.9% of the overall value during Q3 2020.

The combined value of the top five oil & gas deals stood at $56.05bn, against the overall value of $63.78bn recorded for the quarter.

The top five oil & gas industry deals of Q3 2020 tracked by GlobalData were:

1) 7-Eleven’s $21bn acquisition of Speedway

2) The $13bn acquisition of Noble Energy by Chevron

3) Berkshire Hathaway Energy’s $9.7bn acquisition of Dominion Carolina Gas Transmission, Dominion Cove Point LNG, Dominion Energy Transmission, Iroquois Gas Transmission System and Dominion Energy Questar Pipeline

4) The $7bn private equity deal with Cheniere Energy Partners by Blackstone Infrastructure Partners and Brookfield Asset Management

5) The merger of Devon Energy and WPX Energy for $5.35bn.

Verdict deals analysis methodology

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.