Upstream M&A activity was subdued in April – both deal count and deal spend were below-average. Globally, there was a shortage of middle-to-upper market deals. Spend in the US – frequently the bedrock of global M&A activity – failed to surpass the one billion dollar mark. Oil may be hitting multi-month highs but M&A remains out of favour in the US, as E&Ps continue to prioritise returns over growth. This Insight contains a snapshot of high level trends in the upstream M&A market, and a summary of major deal activity – both announced and rumoured – during April 2018. In this M&A monthly market update: a review of upstream M&A trends; a summary of the month’s biggest announced deals; commentary on the current Deal Pipeline (potential/rumoured deals).