Private equity investors have made 471 investments in U.S.- or Canada-based companies in the energy industry since the beginning of 2011, according to the PitchBook Platform. Deal activity dipped in 2012 to 182 completed transactions, down a bit from 2011's 199. 2013 has seen 90 private equity investments in the industry so far, including a $3.75 billion add-on by Fieldwood Energy, a Riverstone Holdings investment, last month.
44% of the deal activity in the timeframe was focused in the exploration, production & refining sector, with another 30% in energy services. Despite the push towards alternative and renewable energy, private equity investors continue to funnel significant funds into the conventional energy industry. Riverstone, for example, closed its latest conventional energy PE fund this past June with $7.7 billion of commitments, well above its original $6 billion target.