IN THE OIL and gas universe,higher prices cure nearly all ills.A year after the cataclysmic events of 2020's oil price war and pandemic,U.S.oil and gas M&A values ascended to $3.4 billion.This time last year,U.S.upstream oil and gas transactions limped to a first-quarter finish with roughly a fifth of that value-$600 million,according to a new report by Enverus,the data analytics firm."It was brutal in first-quarter 2020,"Andrew Dittmar,senior M&A analyst at Enverus,told Hart Energy."I think that was the lowest quarter we had on record."So far,the second quarter of this year has started promisingly.On April 1,Pioneer Natural Resources Co.agreed to buy DoublePoint Energy for $6.4 billion.The deal is the largest acquisition of a private E&P in a decade,Enverus said.On April 8,Enverus released its first-quarter 2021 summary of deals,which showed an 88% decline from fourth-quarter 2020 deal value.From January to the end of March,deal activity largely focused on PDP heavy assets in legacy oil plays.
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