By Georgina McCartney

HOUSTON (Reuters) -Persistently weak crude prices pressured merger and acquisition activity in the U.S. upstream oil and gas sector in the third quarter, analytics firm Enverus said on Wednesday.

Dealmaking fell for the third straight quarter as U.S. crude futures averaged around $65 a barrel during the July through September period, around the level producers say they need to profitably drill. U.S. crude futures averaged $75 in the same quarter last year.

Deals worth $9.7 billion were disclosed in the quarter ended September 30, Enverus said, marking a 28% drop quarter-over-quarter. The drop in M&A activity follows a series of blockbuster takeovers by oil and gas majors in recent years, which culminated in deals worth a record $192 billion in 2023.

“Crude prices

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