Citi was the leading financial adviser globally for mergers and acquisitions (M&A) in Q1 2019 in the oil & gas sector, according to GlobalData.

The American multinational investment bank topped the rankings with a deal value of $81.1bn, by advising on eight deals during the quarter – which incidentally was the highest in terms of volume (a figure shared by two others). HSBC was a close second with $80.7bn earned on the strength of just three deals.

It figured in the third position in GlobalData’s Q1 2019 ranking of top 20 financial advisers for global mergers and acquisitions.

GlobalData has published a top ten league table of financial advisers ranked according to the value of announced M&A deals globally. If value remains same for multiple advisers, deal volume is given weightage.

Morgan Stanley took third place with six deals worth a total of $80.6bn.

Praveen Karnati, financial deals analyst at GlobalData, said: “Citi retained its top position mainly by advising Saudi Basic Industries (SABIC) in its 70% stake sale to Saudi Aramco for approximately US$73.9bn.”

The oil & gas sector saw an increase in deal value by over 45.9% from $109.6bn in Q1 2018 to $159.97bn in Q1 2019. However, deal volume declined by 14.7% from 654 in Q1 2018 to 558 in Q1 2019.

Vinson & Elkins led the top ten10 legal advisers table for Q1 2019 with a total deal value of $8.0bn. Second ranked Cleary Gottlieb Steen & Hamilton showed a total deal value of $6.8bn on the strength of just two deals – the least in the top ten list. Latham & Watkins came in a close third with $6.7bn although it took six deals to get there.

Top ten leader Vinson & Elkins was conspicuous by its absence in the global league table of top 20 legal advisers for Q1 2019 released by GlobalData recently. Cleary Gottlieb Steen & Hamilton, however, managed tenth position in the global list.

GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.

To ensure further robustness to the data, the company also seeks submissions from leading advisers, through adviser submission forms on GlobalData’s website.