The start of the ’20s has been abysmal for both A&D activity and values.

Even before the global COVID-19 pandemic and an oil price war led to an unprecedented market collapse, investors’ pressure on returns had already tamped down deal activity in the upstream oil and gas space. First- and third-quarter 2020 ended in a tie for the worst showing of A&D activity for upstream deals in the U.S. in a decade. Meanwhile, the second-quarter deal total was only the third lowest transaction haul in a quarter since 2009.

Below is a review of upstream A&D activity from the past year in the U.S. Including announced and completed transactions, Hart Energy counts about 75 deals for 2020 with a combined total value of roughly $60.1 billion.

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