US oil & gas industry saw a drop of 26% in overall deal activity during March 2022, when compared with the last 12-month average, led by EnCap Investments’ $1.45bn private equity deal with EP Energy, according to GlobalData’s deals database.

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A total of 37 deals worth $2bn were announced in March 2022, compared with the 12-month average of 50 deals.

M&A was the leading category in the month in terms of volume with 21 deals, which accounted for 56.8% of all deals.

In second place was venture financing with 14 deals, followed by private equity with two transactions, respectively accounting for 37.8% and 5.4% of overall deal activity in the US technology industry during the month.

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By GlobalData

In terms of value of deals, private equity was the leading deal category in the US oil & gas industry with total deals worth $1.45bn, while M&A and venture financing deals totalled $335.8m and $191.88m respectively.

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

The top five oil & gas industry deals accounted for 92.03% of the overall value during March 2022.

The combined value of the top five oil & gas deals stood at $1.82bn, against the overall value of $2bn recorded for the month.

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

1) EnCap Investments $1.45bn private equity deal with EP Energy

2) The $200m acquisition of Southcross Energy Operating by Targa Resources

3) Houston Natural Resources $100m acquisition deal with Cunningham Energy

4) The $55m venture financing of Encina Development Group by Imm Investment and SW Recycle Fund

5) Italgas $15m acquisition deal with Picarro