Brian A Jackson/Shutterstock Save for later Print Download Share LinkedIn Twitter Global upstream M&A plunged more than 30% in 2022 to $94.9 billion after a fourth quarter that saw less than $20 billion of assets change hands. Excluding 2020, when dealmaking was paralyzed by the coronavirus pandemic, the annual total is the lowest over the past decade. The overall picture looks even duller considering two-thirds of the deals done were in the US shale patch, and illustrates a strategic shift driven by transition pressures. The trend could be challenged in 2023 by energy security mandates and a strong cash flow outlook, but there is no case for deal flow returning to historical levels.
