Anchored by Occidental’s Record $57 Billion Deal, Oil & Gas M&A Shows Muted Rebound in Q2 2019

Austin, Texas (July 2, 2019) – Drillinginfo, the leading energy SaaS and data analytics company, published a list of the Top 10 U.S. upstream M&A deals in the second quarter of 2019 and summary of activity. While deals rebounded off historic lows in Q1 to reach $65 billion, analysts caution the value was overwhelmingly driven by Occidental’s $57 billion acquisition of Anadarko, which is the fourth-largest oil and gas upstream deal ever. That single acquisition contributed 88 percent of total deal value in Q2. Excluding Occidental-Anadarko, Q2 M&A largely matched Drillinginfo analyst expectations with a modest rebound to $7.6 billion. While nearly a four-fold increase over the $2.0 billion low in Q1 M&A, $7.6 billion is less than half of the average quarterly total of the $19 billion seen 2017-2018. “Occidental dominated headlines this quarter with assertive maneuvering to beat out much larger rival Chevron and secure a deal with Anadarko,” said Drillinginfo M&A analyst Andrew Dittmar. “While Anadarko’s assets span the globe, the deal is largely a play on U.S. shale —particularly in the juggernaut Permian which continues to power U.S. production growth.” Moving past that deal, the largest Q2 deals focused on the Haynesville, Gulf of Mexico, and… continue reading

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Source: CTRM Center

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