Upstream M&A Activity Surges By 250% In Record Quarter
The final tally for the third quarter is $32 billion, up from $9.1 billion in the second quarter. With OPEC’s decisions and activity in the Permian, Drillinginfo accurately predicted the record quarter at the beginning of July 18.
“At the end of Q2 several things were lining up to create a more active M&A in the second half of 2018,” Drillinginfo senior director Brian Lidsky said to Hart Energy. “[It was] primarily OPEC and their coming together to maintain supply and no surprises. At that point and time, there was some concern about the future price of oil, but the OPEC meeting did in our minds take away the risks of really another downturn in oil prices to the $50 or lower level.”