The pace of oil and gas deal-making continued to taper off in April as the energy industry braced for widespread shut-ins amid tanking crude prices, according to S&P Global Market Intelligence data.

During that month, the sector announced 26 fewer whole-company and minority-stake deals than in April 2019 — unveiling 20 deals, compared to the prior year's 46. In the same period, the combined value of these deals fell from $63 billion to $876 million. The aggregate value of announced asset transactions fell from $11.4 billion to $341 million as the number of deals fell from 51 to 16.

The biggest announced transaction in April was Netherlands-based oilfield services company Seafox's offer to buy the remaining 86.3% stake in competitor Gulf Marine Services PLC for $423.6 million. On May 4, however, the Gulf Marine Services board unanimously rejected the proposal on the grounds that Seafox undervalues the company.

The largest asset-based deal announced during April, meanwhile, was midstream operator Crestwood Equity Partners LP's acquisition of Plains All American Pipeline LP's natural gas liquids terminals and storage assets for $160 million.

"This is a deal that we've been working on for years and assets that we've coveted for a long time," Crestwood Chairman, President and CEO Robert Phillips said during the company's May 5 first-quarter earnings conference call. "The deal makes us one of the largest NGL marketers in the eastern half of the United States."

Other midstream executives indicated their companies may also be interested in taking advantage of depressed oil prices and the COVID-19 pandemic's demand destruction to hunt for bargains. Energy Transfer LP Chairman and CEO Kelcy Warren said May 11 that corporate and asset-level M&A remains a pillar of the partnership's business strategy at a time when many other pipeline companies are sitting on the sidelines, while Oneok Inc. President and CEO Terry Spencer said April 29 that the firm could "potentially" consolidate distressed assets during the downturn.

"The thing we've seen in the [gathering and processing] space over the years is that when you get into these down cycles ... midstream companies start talking about asset consolidation," he said. "It's going to matter which side of the coin you're on."