North America’s oil & gas industry saw a drop of 23.7% in overall deal activity during Q4 2018, when compared to the last four-quarter average, according to GlobalData’s deals database.

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A total of 267 deals worth $63.49bn were announced for the region during Q4 2018, against the four-quarter average of 350 deals.

Of all the deal types, M&A saw most activity in Q4 2018 with 213, representing a 79.8% share for the region.

In second place was private equity with 35 deals, followed by venture financing deals with 19 transactions, respectively capturing a 13.1% and 7.1% share of the overall deal activity for the quarter.

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In terms of value of deals, M&A was the leading category in North America’s oil & gas industry with $58.28bn, while private equity and venture financing deals totalled $4.93bn and $271.79m, respectively.

North America oil & gas industry deals in Q4 2018: Top deals

The top five oil & gas deals accounted for 46.5% of the overall value during Q4 2018.

The combined value of the top five oil & gas deals stood at $29.49bn, against the overall value of $63.49bn recorded for the quarter. The top announced oil & gas deal tracked by GlobalData in Q4 2018 was EnLink Midstream’s $8.62bn acquisition of EnLink Midstream Partners.

In second place was the $7.7bn acquisition of Newfield Exploration by EnCana and in third place was Dominion Energy’s $4.56bn acquisition of Dominion Energy Midstream Partners.

The $4.34bn merger of Ensco and Rowan Companies and Aqua America’s acquisition of Delta Natural Gas, Peoples Gas Co and Peoples Natural Gas for $4.28bn held fourth and fifth positions, respectively.

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.