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  1. Deals Analysis
April 29, 2021

US oil & gas industry sees a drop of 1.49% in deal activity in March 2021

By Nikitha Ladda

US oil & gas industry saw a drop of 1.49% in overall deal activity during March 2021, when compared with the last 12-month average, led by Chevron’s $1.32bn acquisition of Noble Midstream Partners, according to GlobalData’s deals database.

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A total of 66 deals worth $5.14bn were announced in March 2021, compared with the 12-month average of 67 deals.

M&A was the leading category in the month in terms of volume with 44 deals, which accounted for 66.7% of all deals.

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In second place was venture financing with 19 deals, followed by private equity with three transactions, respectively accounting for 28.8% and 4.6% of overall deal activity in the US technology 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 $3.9bn, while private equity and venture financing deals totalled $1.1bn and $136.19m respectively.

US oil & gas industry deals in March 2021: Top deals

The top five oil & gas industry deals accounted for 93.3% of the overall value during March 2021.

The combined value of the top five oil & gas deals stood at $4.79bn, against the overall value of $5.14bn recorded for the month.

The top five oil & gas industry deals of March 2021 tracked by GlobalData were:

1) Chevron’s $1.32bn acquisition of Noble Midstream Partners

2) The $1.1bn private equity deal with PQ Group Holdings by Cerberus Capital Management and Koch Minerals & Trading

3) The $981m merger of Diamond S Shipping and International Seaways

4) The $880m asset transaction deal with Ovintiv by Validus Energy

5) Oasis Midstream Partners’ acquisition of Beartooth DevCo and Bobcat DevCo for $512.5m.

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