Sporadic deal flow and the emergence of mineral companies highlight 2022-a year that started out with swagger before the war in Ukraine upended commodity prices.In August,Jud Walker,president and CEO of EnerVest,put a preemptive epitaph on the 2022 A&D arena:The year has been"strange and kind of broken,"he said at the TIPRO Summer Conference in San Antonio.Strange,perhaps,because the oil and gas industry is richer than in years past,but its dealmaking remains halting at best.Broken because of war and wildly escalating commodity prices.M&A started January with swagger as Chesapeake Energy Corp.announced more than $3 billion in deals,including the acquisition of Chief Oil & Gas in the Marcellus Shale.But the A&D market awkwardly lurched forward in late February as Russia's so-called special military operation in Ukraine added a war premium to oil and gas prices,causing severe disconnects between buyers and sellers.
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