Evaluate Energy latest M&A report – available for download here – shows that just $4 billion in new deals were agreed in Q2 2020. This represents a 96% drop from an already relatively low total of $21 billion three months earlier in Q1 2020.
This was the first entire quarter to play out under the cloud of the COVID-19 pandemic and the uncertainty surrounding the industry can be seen in low deal values and low deal counts.
The report also shows that $10 billion-worth of deals agreed before Q2 were impacted by the pandemic. These include BP’s exit from Alaska and ConocoPhillips’ exit from Australia. Full details on the major deals affected directly by the pandemic are available in the report, including deals that were cancelled or had terms renegotiated.