Q2 M&A Exceeds Five-Year Average For Deal Values In Upstream Sector

Evaluate Energy’s latest M&A review shows that upstream M&A activity hit $36 billion worldwide in Q2 2023 against a backdrop of falling commodity prices.


  • Spending is 13.5 per cent higher than the average quarter since 2018;
  • 79 per cent of Q2 deal activity focused on the U.S. and Canada;
  • 1.5 million boe/d changed hands — the highest volume in any quarter since 2020.

Alongside details on the top 10 deals of the quarter, Evaluate Energy’s review includes analysis on EBITDA payback multiples and share premiums across corporate mergers agreements worldwide. Both serve as key indicators of oil and gas market confidence and attitudes to risk.

Access the full review here.

  • Sections:
  • M&A

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