U.S. energy capital markets took a hit in 2018 with the upstream oil and gas industry bearing a greater brunt of the decline than any other sector, particularly at the end of the year.

A recent Drillinginfo report found total energy offerings last year were down 20% year-over-year. Combined, bond and equity deals raised $106.8 billion from 201 issuances in 2018 compared to the $133 billion raised from 271 deals in 2017.

During the fourth quarter, the energy sector raised about $20.1 billion through equity and debt offerings, down 4% sequentially and down 34% year-over-year. About $3.9 billion was raised from public stock offerings and $16.2 billion from bond issuances.