US oil and gas merger and acquisition activity declined in the second quarter, according to Enverus Intelligence Research.

The energy sector research firm said on Thursday that second quarter 2022 M&A activity in the second quarter totaled $12 billion, compared to $14.7 billion in the first quarter of the year and $34.8 billion in the second quarter of last year.

“The spike in commodity prices that followed Russia’s invasion of Ukraine temporarily stalled M&A as buyers and sellers disagreed on the value of assets,” said Andrew Dittmar, director at Enverus Intelligence Research.