Breitling Oil and Gas Morning Podcast #190 11-13-12

With natural gas prices hitting a 10-year low this year, U.S. oil and gas companies have shifted
their focus to adding more profitable liquid rich shale plays to their portfolios, leading to a
dramatic increase in the number and total value of asset transactions in the third quarter of 2012.
There were 34 asset deals during the third quarter with a total deal value of $31.4 billion, a 131
percent increase in total value over the same time period last year and representing 93 percent of
total deal value during the third quarter of 2012. In fact, asset transactions represented nine of the
top 10 ‘mega’ deals (deals with values of $1 billion or more) in Q3 2012.

For the three month period ending September 30, 2012, there were a total of 39 oil and gas deals
with values greater than $50 million, accounting for $33.7 billion in deal value, a slight dip from
the 44 deals during the third quarter of 2011, and a decline in total deal value from $41.1 billion.

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