North America’s oil & gas industry saw a drop of 16.95% in 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 49 oil & gas industry deals worth $3.8bn were announced for the region in March 2022, against the 12-month average of 59 deals.

Of all the deal types, M&A saw most activity in March 2022 with 30 transactions, representing a 61.2% share for the region.

In second place was venture financing with 17 deals, followed by private equity deals with two transactions, respectively capturing a 34.7% and 4.1% share of the overall deal activity for the month.

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In terms of value of deals, M&A was the leading category in North America’s oil & gas industry with $2.16bn, while private equity and venture financing deals totalled $1.45bn and $197.34m, respectively.

North America oil & gas industry deals in March 2022: Top deals

The top five oil & gas deals accounted for 57.8% of the overall value during March 2022.

The combined value of the top five oil & gas deals stood at $2.2bn, against the overall value of $3.8bn 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 $382.21m acquisition of Leucrotta Exploration by Vermilion Energy

3) Targa Resources $200m acquisition deal with Southcross Energy Operating

4) The $100m acquisition of Cunningham Energy by Houston Natural Resources

5) Topaz Energy $68.1m acquisition deal with Keystone Royalty