[Editor's note: A version of this story appears in the March 2019 edition of Oil and Gas Investor. Subscribe to the magazine here.]

For the past two years, the oil and gas universe has been collapsing in on itself.

This is what life is like in the resulting public-market black hole: in January 2017, the public value E&Ps totaled $562 billion. Two years later, values have been crushed down to $434 million, said Craig Lande, managing director of RBC Richardson Barr.

The strength of the A&D market was also partly a mirage, more akin to the down year of 2015 than it seemed. As RBC counts deals—at least $20 million qualifies—from 2010 to 2017 transactions averaged about $50- to $60 billion. RBC’s tally of deals for 2018 market was $44 billion.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access