Oil, gas deal tracker: M&A activity plummets YOY in February

The numbers and values of whole-company and minority-stake deals and asset transactions in the oil and gas industry decreased year over year in February.

Twenty-one asset transactions were announced in the month, compared to 29 in the year-ago period, according to S&P Global Market Intelligence data. Their aggregate value plunged from $8.30 billion to about $3.00 billion.

February saw a large decline year over year in whole-company and minority-stake deals, from 34 to 19. The combined value of deals plummeted from $27.88 billion to $6.97 billion.

Nigerian assets

The largest asset deal announced in the month and in the year so far was Seplat Energy PLC's $1.58 billion purchase of shallow-water oil and gas production assets in Nigeria from integrated oil and gas giant Exxon Mobil Corp. The purchased assets' output surpassed 60,000 barrels of oil equivalent per day.

The second-largest asset deal in the month was less than $1 billion. Crescent Energy Co. bought Uinta Basin oil assets from Verdun Oil Co. II LLC for $815 million. The companies expect the deal to close in the first half of 2022.

Chevron deal for Renewable Energy

Chevron Corp.'s acquisition of Renewable Energy Group Inc. for about $2.78 billion was the biggest whole-company and minority-stake deal announced in February. Renewable Energy will be a wholly owned subsidiary of Chevron when the deal is completed.

Shell Pipeline Co. LP's $1.60 billion purchase of 31.5% of Shell Midstream Partners LP was the second-largest whole-company and minority-stake deal in the month.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.