US oil & gas industry saw a drop of 6.38% in overall deal activity during July 2022, when compared with the last 12-month average, led by Shell USA’s $1.96bn acquisition of Shell Midstream Partners, according to GlobalData’s deals database.

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A total of 44 deals worth $5bn were announced in July 2022, compared with the 12-month average of 47 deals.

M&A was the leading category in the month in terms of volume with 26 deals, which accounted for 59.1% of all deals.

In second place was venture financing with 13 deals, followed by private equity with five transactions, respectively accounting for 29.6% and 11.4% 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 $4.4bn, while private equity and venture financing deals totalled $500m and $50.65m, respectively.

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

The top five oil & gas industry deals accounted for 84.2% of the overall value during July 2022.

The combined value of the top five oil & gas deals stood at $4.17bn, against the overall value of $5bn recorded for the month.

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

1) Shell USA $1.96bn acquisition deal for 31.5% stake in Shell Midstream Partners

2) The $1.1bn acquisition of 52.3% stake in PBF Logistics by PBF Energy

3) Tenaris $460m acquisition deal with BENTELER Steel/Tube Manufacturing

4) The $339m acquisition of Petroteq Energy by Viston United Swiss

5) Azimuth Capital Management SGR,Decarbonization Partners,Mitsubishi Heavy Industries America,NextEra Energy Resources and TPG Rise Climate $300m private equity deal with Monolith Materials