US oil & gas industry saw a drop of 16.05% in overall deal activity during September 2022, when compared with the last 12-month average, led by EQT’s $5.2bn asset transaction with THQ Appalachia I and Xcl Midstream, according to GlobalData’s deals database.

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A total of 68 deals worth $13.9bn were announced in September 2022, compared with the 12-month average of 81 deals.

M&A was the leading category in the month in terms of volume with 45 deals, which accounted for 66.2% of all deals.

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In second place was venture financing with 15 deals, followed by private equity with eight transactions, respectively accounting for 22.1% and 11.8% 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 $13.38bn, while private equity and venture financing deals totalled $400m and $99.51m respectively.

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

The top five oil & gas industry deals accounted for 81.6% of the overall value during September 2022.

The combined value of the top five oil & gas deals stood at $11.32bn, against the overall value of $13.9bn recorded for the month.

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

1) EQT’s $5.2bn asset transaction deal with THQ Appalachia I and Xcl Midstream

2) The $2bn acquisition of Mobil California Exploration & Producing Asset by IKAV Capital Partners

3) IKAV Capital Partners’s $2bn acquisition deal with Shell Onshore Ventures

4) The $1.1bn acquisition of EnVen Energy by Talos Energy

5) ‘s $1.02bn merger deal with Decarbonization Plus Acq IV and Hammerhead Resources