Oil and gas M&A dealmaking in September fell from year-ago levels, but aggregate asset transaction value drastically increased because of two major North American asset-level transactions, according to S&P Global Market Intelligence data.

The industry announced fewer whole-company and minority-stake deals in September 2021 than in September 2020 — 27 deals compared to 33. In the same period, the combined value of deals fell to just $4 million from $7 million.

The number of announced asset transactions plunged to 19 from 34 in the same period, but their aggregate value rose from about $12 billion to about $13 billion on the activity of American and Canadian buyers.

The biggest North American asset-level transaction during September and throughout the entire year so far was ConocoPhillips' announced $9.5 billion purchase of virtually all the assets in the Permian Basin of Royal Dutch Shell PLC subsidiary SWEPI LP. The acquisition would add roughly 225,000 net acres and 600 miles of operated oil, gas and water pipelines and other infrastructure to ConocoPhillips' Permian assets.

"We're adding some of the most economically viable resources in the world while enhancing our compelling multiyear plan and maintaining a strong balance sheet," ConocoPhillips Chairman and CEO Ryan Lance said on a Sept. 21 conference call.

The second-biggest asset-level transaction in the month and in the entire year was Calgary, Alberta-based Enbridge Inc.'s $3 billion acquisition of the Moda Ingleside energy center near Corpus Christi, Texas, and other assets from Moda Midstream LLC. CreditSights Inc. analysts said they "have a positive view on the transaction as it adds highly contracted assets that align with [Enbridge's] strategy to increase its Gulf Coast export capacity."

There were no significant North American whole-company and minority-stake deals in the month.