US onshore mergers and acquisitions fell considerably in the third quarter from the second quarter’s record levels, but still progressed at a solid clip, industry consultancy Enverus said in a new report.

M&A activity for the quarter totalled $18.5 billion, the highlight of which was Shell’s $9.5 billion sale of its Permian basin assets to ConocoPhillips.

While the quarterly tally was down 44% from the second quarter, it was still better than the five-year quarterly average for M&A value of about $16 billion per quarter.