Do oil and gas acquisitions create value? A fundamental question for any would-be buyer, but difficult to answer, and largely overlooked as a result. In this note, we revisit 70 of the largest deals announced between 2009 and 2013, analysing each from today's vantage point to quantify underlying value creation. The results make grim reading for buyers. We explore the high-level findings, and consider the implications for M&A in the current environment.