Led by $3.55bn acquisition of Lucid Energy Group, the US oil & gas industry saw a drop of 22.69% in overall deal activity during Q2 2022, when compared with the last four-quarter average, according to GlobalData’s deals database.

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A total of 115 deals worth $14.9bn were announced in Q2 2022, compared with the last four-quarter average of 148.75 deals.

M&A was the leading category in the quarter with 66 deals which accounted for 57.4% of all deals.

In second place was venture financing with 32 deals, followed by private equity with 17 transactions, respectively accounting for 27.8% and 14.8% of overall deal activity in the US oil & gas industry during the quarter.

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In terms of value of deals, M&A was the leading deal category in the US oil & gas industry with total deals worth $9.75bn, while private equity and venture financing deals totalled $4.36bn and $815.26m respectively.

US oil & gas industry deals in Q2 2022: Top deals

The top five oil & gas industry deals accounted for 48.7% of the overall value during Q2 2022.

The combined value of the top five oil & gas deals stood at $7.27bn, against the overall value of $14.9bn recorded for the quarter.

The top five oil & gas industry deals of Q2 2022 tracked by GlobalData were:

1) Targa Resources $3.55bn acquisition deal with Lucid Energy Group

2) The $1.7bn private equity deal with Double Eagle Energy Holdings IV and Tumbleweed Royalty IV by Apollo Natural Resources Partners Funds ,EnCap Investments and Magnetar Capital

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

4) The $624.7m acquisition of 3Bear Delaware Holding-NM by Delek Logistics Partners

5) Crestwood Midstream Partners $600m acquisition deal with Sendero Midstream Partners