US oil and gas deal-making fell to $12 billion last quarter, down from the first quarter and nearly a third of the $34.8bn in the same period a year ago, as commodity price volatility left buyers and sellers clashing over asset values, according to data released by energy analytics firm Enverus on Thursday.
"The spike in commodity prices that followed Russia’s invasion of Ukraine temporarily stalled M&A [merger and acquisition] as buyers and sellers disagreed on the value of assets," said Andrew Dittmar, a director at Enverus Intelligence Research.
US benchmark crude oil futures prices surged to more than $123 a barrel in early March following Russia's invasion of Ukraine, but prices have since cooled as recession worries moved to the forefront.
But last quarter's high prices prompted M&A interest from private equity firms and spurred some deals, Mr Dittmar said. Private equity sellers made up about 80 per cent of the quarter's total deal value, Enverus data showed.
This year's oil prices have led to a rush among private investors to put properties across the US shale patch on the market, Mr Dittmar said.
"The challenge is finding buyers willing to pay their asking prices," he said.
The Permian Basin of west Texas and New Mexico accounted for 46 per cent of last quarter's deal value, making it the most active oil and gas region in the US.
The Rockies followed with 12 per cent, Midcontinent with 6 per cent, US Gulf Coast with 5 per cent and the West Coast with 2 per cent, according to Enverus data.
The offshore Gulf of Mexico, eastern US and Alaska did not register deals.
About a third of the total deal value came from a merger between private Colgate Energy Partners III and Centennial Resource Development.
Other top deals by price last quarter included a $1.3bn agreement between Grey Rock Investment Partners and Executive Network Partnering to form Granite Ridge Resources.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Off-roading in the UAE: How to checklist
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
