For the first time since first-quarter 2018, U.S. midstream sector deal activity took a backseat to upstream in the second quarter of this year.

But Joe Dunleavy, U.S. EU&M deals leader at PricewaterhouseCoopers (PwC), said midstream investing and deals are still active. He added the upstream jump in the second quarter hinged primarily on one megadeal—Occidental Petroleum Corp.’s acquisition of Anadarko Petroleum Corp.

In fact, two other megadeals in the second quarter were in the midstream sector: Marathon Petroleum Corp.’s midstream consolidation and IFM Investors’ acquisition of Buckeye Partners LP. In total, upstream A&D totaled $74 billion for second-quarter 2019 compared to the $36.5 billion spread out over 18 midstream deals.

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