Deal count reached 66 in Q3, the highest quarterly total this decade. Oil price volatility has done little to slow deal-making, and this momentum has carried into Q4. We estimate global deal spend of US$28.6 billion, in line with Q2’s US$26.9 billion. Q2 was dominated by Shell’s US$16.4 billion acquisition of ARC Resources, but Q3 had no mega deals. Instead, several onshore North America corporate deals broke US$1 billion.