(PRWEB) July 29, 2012
Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers PwC reports that PwC notes midstream deal value accounted for 55 percent of total deal value in the second quarter with $15.8 billion, an almost 200 percent increase when compared to the second quarter last year.
Big4.com notes that, according to PwC, upstream deals skewed toward oil-focused targets instead of gas-focused ones, with 12 oil deals compared to four gas deals – a historical high over the last 10 quarters that was likely driven by the differences in commodity prices.
Steve Haffner, a Pittsburgh-based partner with PwC’s energy practice comments:
“Deal activity in both the Marcellus Shale and Utica Shale continued to tail off as a result of the persistent low price of natural gas,” he said. “Over the past few quarters, shale assets were supported by strong pricing of natural gas liquids, but in the second quarter the market saw a drop in NGL pricing, impacting deal activity even further. Now the focus is on the midstream sector.”
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- Kristy Short