U.S. oil and gas dealmaking contracted 65% Y/Y to $12 billion last quarter. Big Oil executives have become increasingly hesitant to pull the trigger after the last M&A wave turned into a disaster for acquiring companies. Demand destruction concerns and recession fears have made acquiring companies more cautious The last two energy crises that threatened hundreds of energy companies with bankruptcy have rewritten the O&G M&A playbook. Previously, oil and gas companies made numerous aggressive tactical or cyclical acquisitions in the wake of a price crash after many distressed assets became available on the cheap. However, the 2020 oil price crash that sent oil prices into negative territory has seen energy companies adopt a more restrained, strategic, and environment-focused approach to cutting M&A deals. It’s therefore hardly surprising that Big Oil executives have become increasingly hesitant to pull the trigger after the last M&A wave turned into a disaster […]