02 Nov Oil & Gas Value Climbs
According to PricewaterhouseCoopers, LLC, keeper of oil and gas deal data, there were four Marcellus Shale deals totaling $3.6 billion and four Utica Shale deals totaling $3.1 billion in the third quarter of this year. Thatʼs a total of $6.7 billion dollars in oil and gas deals from the Marcellus/Utica industry alone, with an increase of 135 percent.
All oil and gas deals from the third quarter added up to $48.8 billion, with a total of 46 deals valued at more than $50 million each, as counted by the reports. The Marcellus deal value has continued to climb, from $325 million during the first quarter of the year and $2.3 billion in the second quarter of the year. Across the nation, 13 deals involving shale plays accounted for $22.6 billion total of oil and gas transaction activity, a significant increase from roughly $4.5 billion last year.
The quarterly oil and gas reports deal log shows a strong interest from foreign and investors as well as multinational corporations continue to show interest in the energy sector. For deals valued at over $50 million, foreign buyers announced 22 deals in the third quarter, contributing $37.3 billion, or 76 percent of total deal value. Thatʼs a 185 percent increase from the $13.1 billion from the third quarter of 2010.
The shale-gas assets continue to attract a large interest from oil and gas companies, with five out of the top ten largest deals in the third quarter involving shale play. There continues to be steady activity with the corporations despite weaknesses in oil and gas prices, with both new and existing companies expanding acreage.
Hereʼs the data in a nutshell: