US oil & gas industry saw a drop of 17.39% in overall deal activity during May 2022, when compared with the last 12-month average, led by TriSummit Utilities’ $800m acquisition of Cook Inlet Natural Gas Storage Alaska, ENSTAR Natural Gas and Norstar PipelineInc, according to GlobalData’s deals database.

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A total of 38 deals worth $3.4bn were announced in May 2022, compared with the 12-month average of 46 deals.

M&A was the leading category in the month in terms of volume with 24 deals, which accounted for 63.2% of all deals.

In second place was private equity with eight deals, followed by venture financing with six transactions, respectively accounting for 21.05% and 15.8% 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 $2.07bn, while private equity and venture financing deals totalled $1.15bn and $133.67m respectively.

US oil & gas industry deals in May 2022: Top deals

The top five oil & gas industry deals accounted for 71.6% of the overall value during May 2022.

The combined value of the top five oil & gas deals stood at $2.4bn, against the overall value of $3.4bn recorded for the month.

The top five oil & gas industry deals of May 2022 tracked by GlobalData were:

1) TriSummit Utilities $800m acquisition deal with Cook Inlet Natural Gas Storage Alaska,ENSTAR Natural Gas and Norstar PipelineInc

2) The $600m acquisition of Sendero Midstream Partners by Crestwood Midstream Partners

3) Crestwood Equity Partners $395m acquisition deal for 50% stake in Crestwood Permian Basin Holdings

4) The $300m private equity of Rangeland Energy by EnCap Flatrock Midstream

5) TPG Rise Climate $300m private equity deal with Summit Carbon Solutions