Energy Industry
Industry: Email Alert RSS FeedU.S. M&A DEAL-MAKING SLOWED MARKEDLY DURING THIRD QUARTER
Hart's Petroleum Finance Week, November, 2002
U.S. mergers and acquisitions totaled $1.9 billion in 36 announced transactions during the third quarter, compared with $3.1 billion in 38 transactions during the second quarter, according to Houston-based upstream acquisition and divestiture advisory firm Randall & Dewey Inc.
For the first nine months of 2002, deal announcements totaled $6.6 billion in 127 transactions. (Note: All dollars are U.S.) "The marked slow-down in activity had a corresponding negative effect on implied reserve values," the firm said. For the nine months, values averaged $5.50 per barrel of oil equivalent (BOE), down from $5.67 during the first six months.
In the third quarter alone, the implied reserve value was $4.62 per BOE, compared with $5.61 in the second quarter and $5.77 the...
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