US oil & gas industry sees a drop of 10.3% in deal activity in July 2020

3 September 2020 (Last Updated September 7th, 2020 06:33)

US oil & gas industry sees a drop of 10.3% in deal activity in July 2020

The US oil & gas industry saw a drop of 10.3% in overall deal activity during July 2020, when compared with the last 12-month average, according to GlobalData’s deals database.

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A total of 61 deals worth $23.9bn were announced in July 2020, compared to the 12-month average of 68 deals.

M&A was the leading category in the month in terms of volume with 37 deals which accounted for 60.7% of all deals.

In second place was venture financing with 19 deals, followed by private equity with five transactions, respectively accounting for 31.2% and 8.2% of overall deal activity in the country’s oil & gas industry during the month.

In terms of value of deals, M&A was the leading deal category in the US oil & gas industry with total deals worth $23.61bn, followed by venture financing deals totalled $292.07m.

US oil & gas industry deals in July 2020: Top deals

The top five oil & gas industry deals accounted for 98.3% of the overall value during July 2020.

The combined value of the top five oil & gas deals stood at $23.49bn, against the overall value of $23.9bn recorded for the month.

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

1) Chevron’s $13bn acquisition of Noble Energy

2) The $9.7bn acquisition of Dominion Carolina Gas Transmission, Dominion Cove Point LNG, Dominion Energy Transmission, Iroquois Gas Transmission System and Dominion Energy Questar Pipeline by Berkshire Hathaway Energy

3) CNX Resources’ $357m acquisition of CNX Midstream Partners

4) The $335m asset transaction with Range Resources by Castleton Resources

5) AOC’s asset transaction with Ashland Global Holdings for $100m.

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.