Announced worldwide M&A in third-quarter 2022 fell 48.1% to $544.4 billion compared with the same time last year, according to analytics and consulting firm GlobalData.

Deal value for the third quarter actually fell below COVID-hit 2020’s third quarter deal value and was the worst quarter since 2018, GlobalData said.

“Deal activity failed to sustain 2021’s momentum through 2022 due to volatile market conditions amid geopolitical tensions and macroeconomic pressures,” the firm said in a Nov. 8 report.

U.S. oil and gas deals made up three of the top five global M&A transactions in the first three quarters of the year, including two deals involving upstream companies, according to GlobalData.

Top deals in the U.S. included the $8.1 billion merger of South Jersey Industries Inc. and Infrastructure Investments Fund, as well as two shale-related transactions by EQT Corp. and the merger of Whiting Petroleum Corp. and Oasis Petroleum Inc. to form Chord Energy Corp.

Here’s a look at how the energy market fared in the first three quarters of 2022, the top legal advisers on those deals and the top energy deals so far this year.

Quarterly breakdown by deal value, volume, size

GlobalData M&A review
Third-quarter 2022 M&A deal value fell below third-quarter 2020 values, despite the onset of the COVID-19 pandemic. (Source: GlobalData)

M&A deals by sector 

GlobalData M&A review
Q1-Q3 2022 M&A deal value and volume both fell well below Q1-Q3 deal value and volume in most regions. (Source: GlobalData)

Top oil & gas M&A deals

GlobalData M&A review
The largest M&A deal of 2022 was the merger between the Infrastructure Investments Fund and South Jersey Industries, valued at $8.1 billion. (Source: GlobalData)

Top legal advisers

GlobalData M&A review
Vinson & Elkins oversaw the largest number of deals at 43, while Kirkland & Ellis oversaw the most valuable deal at $35,550 million. (Source: GlobalData)