Merger and acquisition (M&A) activity in the US upstream oil and gas segment was off to a strong start in 2022 before Russia’s invasion of Ukraine derailed the market, a new report from energy analysis firm Enverus finds.

In the report, released Wednesday, Enverus said a total of $14 billion in deals were announced during the first quarter, with $6 billion occurring in January alone. But virtually no activity occurred after early March, as energy prices spiked as a result of the Russian invasion.