Though oil prices and equity markets sustained a partial recovery in February, caution and discipline continued to restrict upstream M&A activity. Disclosed spend hit a multi-year low for the third consecutive month, totalling US$1.3 billion across 17 announced transactions. While the number of deals in North America edged up, it remained well below historical averages. Only five deals were announced outside of North America. 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 February 2019. 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).