June was a good month for acquisitions and divestitures (A&D). It was the month that 2013 finally stopped.

June might have turned a lackluster start to the year into a rebound toward better and bigger deals.

Globally, the U.S. and Canada remained the center of deal activity in the first half of 2014—accounting for 61% of all transactions, according to a report by Deloitte LLP. Much of the investment in the U.S. continued to focus on unconventional shale projects, while Canada saw a move to more conventional plays and away from oil sands.

Since the frenzied fourth-quarter 2012 saw a huge value of deals, producers have focused on developing the properties they acquired.

“Management teams are generally focused on organic growth and cost containment,” John England, vice chairman, U.S. oil & gas leader at Deloitte, said in the report. “They have a drilling inventory that will last for several years, so they would rather put their money into development than acquisitions.”

Sluggish deal activity in 2013 is showing signs of turning around. Price pressures on commodities are likely to drive more deals and private equity will likely continue to invest.

Total deals in the first half of 2014 dipped, by one, from the 300 completed in the same period a year earlier. However, the combined value of all deals globally increased 38% to $141 billion. Deloitte only counts deals with values greater than $10 million.

Still, the two countries’ dominance in the global A&D market has waned, falling from 67% in 2012. Asia and South America have steadily increased their share of the deal count, with South America rising 50%.

The outlook for natural gas has recovered to some extent as prices have remained somewhat stable. Any increased demand from LNG exports might draw new buyers to the market, though it’s an open question how much gas LNG will draw in the short term.

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