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Mergers & Acquisitions Review: Q4 & Full Year 2019 - Deal Count Falls
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Shale Experts tracked $92.4 billion in transactions in 2019. In Q4 2019 we saw an interesting trend where the appetite for M&A increased to the highest since 2017.
See chart below.
Q4 2019 Deal Activity
US E&P : Corporate M&A Count
US E&P : Top 6 Deals in Q4 2019
Full Year 2019
Top 10 Deals in 2019
Permian Basin continues to dominate the deal flow with 60% of the top deals in 2019 took place in the Permian Basin. Occidental acquires Anadarko for $57 billion, followed by Callon's $3.2 billion merger with Carrizo, then Parsley's acquistion of Jagged Peak.
Deal count falls to the lowest in years.
Another interesting observation was the deal count fell to levels not seen, (see chart below) prior to Q4 2018, deal count averaged 250-300 deals per quarter. We now have deals count running to 50-60 per quarter. As a result of the low deal counts, investment banks laid off scores of bankers. Reuters reported that Jefferies cut some of its investment banks who particular worked on deals and UBS and Simmons also cut banking teams.
While the total deal value tracked was $92.4 billion, one transaction (Oxy's acquistion of Anadarko) was more than half ($57 billion), which also accounted for 61% of the total deals, however barring that deal, we would see total deal value falling to the lowest in years at $35 billion vs average of $64 billion per year.
Recent Deals/Transactions
| Date Annouced | Category | Headline | Buyer(s) | Seller(s) | Value ($mm) |
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| 07/10/2025 | E&P | Mach Resources Buys San Juan Gas Asset for $787 Million |
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| 07/10/2025 | E&P | Mach Enters Permian Basin, Buys PE_backed Sabinal Assets for $500 Million |
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| 06/05/2025 | E&P | Vermillion Energy Exits US, Sells Power River Basin Asset |
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| 05/30/2025 | E&P | EOG Acquires Utica Liquids Focus Encino For $5.6 Billion |
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| 05/13/2025 | E&P | TXO Partners Acquires White Rock Assets in the Elm Coulee Field |
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| 05/07/2025 | E&P | Permian Resources Bolt-On Assets From APA Corp |
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| 05/03/2025 | E&P | Riley Permian Acquires PE-Backed Silverback II For $142million |
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| 04/22/2025 | E&P | EQT Acquires Olympus Energy Assets For $1.8 Billion |
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| 10/29/2024 | E&P | EQT Sell Remaining NorthEast PA Gas Assets For $1.2 Billion |
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| 09/04/2024 | E&P | Crescent Energy Adds More Eagle Ford Acreage For $168 Million |
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| Total |
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