Taken as a whole the first half of 2017 was a solid period for upstream M&A. Though deal flow fell relative to H2 2016 figures remained robust by historical standards. Valuations largely held firm. But the half year figures mask two distinct periods. In Q1 deal activity was rampant particularly in North America: Permania persisted; the Canadians consolidated as international players cashed out. The industry flush with an OPEC backed confidence positioned for (low cost) growth. But animal spirits waned in Q2 deal count dropped 13% quarter on quarter while spend more than halved. In this Insight we look at: Recent M&A trends from global regional corporate and thematic perspectives Valuations Near term outlook.