Though oil prices and equity markets bounced back in January 2019, upstream M&A activity remained torpid. With 14 announced deals totalling US$1.6 billion, both deal count and disclosed spend hit their lowest ebb since January 2015. More than three-quarters of the months' aggregate M&A spend was attributable to two all-cash takeovers of London-listed E&Ps. 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 January 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).