Data in CanOils’s new M&A review shows that M&A activity within Canada’s upstream sector was a seasonal norm of just C$161 million in August 2017, a substantial drop from June and July, which both saw more than C$1 billion in spending.

Source: CanOils M&A Review, August 2017 – find out more here.

August is admittedly typically light on activity. In fact, over the past four years back to January 2014, August makes up three of the lowest five monthly deal totals in the Canadian upstream sector. In that time, August has only once recorded a total of over C$200 million and this was in 2014, just before the price downturn began. Even then, the total of C$790 million was the third lowest total that year as well.

While August activity is low and on-trend, however, 2017 has so far accounted for four of the 10 lowest monthly totals since the start of 2014. That equates to half of the year displaying extremely low activity. If it wasn’t for the major oilsands deals agreed in March, the average monthly deal value for 2017 would only come to C$590 million, which is far lower than either 2015 (C$1.8 billion) or 2016 (C$1.1 billion).

For a full review of the deals that were agreed or completed in August, as well as every asset listed for sale this month, download the CanOils M&A review for August 2017 here.