The number of announced whole-company and minority-stake deals in the oil and gas industry fell to 21 in April from 30 in the same month of 2022.
Despite the smaller number of deals, the combined value of the April 2023 transactions was $7.60 billion, compared to $6.62 billion in the same month of 2022, according to S&P Global Market Intelligence data.
Only two asset transactions totaling $230 million were announced in the sector in the month. In April 2022, 27 asset deals with an aggregate value of $3.36 billion were announced.
Largest whole-company and minority-stake deals in April
Two whole-company and minority-stake acquisitions announced in April were valued at more than $2 billion.
The largest deal of the month, and the largest deal in the year so far, was Suncor Energy Inc.'s roughly $4.48 billion acquisition of Total E&P Canada Ltd. from TotalEnergies SE. The Canadian oil and gas company will use debt to pay C$5.5 billion plus potential payments of up to C$600 million for the deal, which includes TotalEnergies EP Canada Ltd.'s 31.23% stake in the Fort Hills oil sands mining project and a 50% working interest in the Surmont in situ asset.
The second-largest deal of the month and fifth-largest in the year so far was Repsol SA's $2.10 billion purchase of a 49% stake in Repsol Sinopec Resources UK Ltd. from China Petroleum & Chemical Corp. The Spanish oil and gas company will completely own Repsol Sinopec Resources once the deal closes.
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Asset deals in April
The second-largest asset deal of the year so far is U.S. Energy Development Corp.'s purchase of a 25% stake in the Mascot project in the Midland Basin for $230 million from an undisclosed seller.
UK oil and gas giant BP PLC will buy a 27% stake in the Browse LNG Development Project from Shell Australia Pty Ltd. for an undisclosed amount. BP will own 44% of the project once the deal closes.
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