The consolidation wave in the U.S. energy sector that triggered $250 billion worth of deals in 2023 has stretched into this year, as companies look for opportunities to deploy their cash hoard and boost their oil and gas reserves.
The total value of deals in January and February hit the highest level since the first quarter of 2017 when $68 billion worth of deals were announced, and is also more than double that announced in the first quarter of 2023. Deals involving U.S. shale firms represented more than 80% of the total value, analytics firm Enverus has said.
In 2023, some 39 private companies were acquired by public companies.
Below is a list of major deals in the U.S. oil and gas sector so far this year:
| Announcement Date | Target | Acquirer | Deal value (in $) | Deal type | Closing date |
|---|---|---|---|---|---|
| June 27 | Some assets of XCL Resources and Northern Oil and Gas | SM Energy | 2.55 bln | Cash | September, 2024 |
| June 14 | Stake in Rockies Express Pipeline | Tallgrass Energy | 1.28 bln | Cash | Closed |
| June 12 | Unit of Ameredev II | Matador Resources | 1.91 bln | Cash | Q3, 2024 |
| June 10 | Diamond Offshore Drilling | Noble Corp | 1.59 bln | Cash and stock | Q1, 2025 |
| May 29 | Marathon Oil | ConocoPhillips | 22.5 bln | All-stock | Q4, 2024 |
| May 28 | WTG Midstream | Energy Transfer | 3.25 bln | Cash and stock | Q3, 2024 |
| May 16 | SilverBow Resources | Crescent Energy | 2.1 bln | Cash and stock | End of Q3, 2024 |
| April 2 | ChampionX | SLB | 7.8 bln | All-stock | End of 2024 |
| March 11 | Equitrans Midstream | EQT Corp | 5.5 bln | All-stock | Q4, 2024 |
| February 21 | Enerplus Corp | Chord Energy | 3.84 bln | Cash and stock | Mid 2024 |
| February 12 | Endeavor Energy | Diamondback Energy | 26 bln | Cash and stock | Q4, 2024 |
| January 22 | NuStar Energy | Sunoco | 7.3 bln | All-stock | Deal closed |
| January 15 | QuarterNorth Energy | Talos Energy | 1.29 bln | Cash and stock | Deal closed |
| January 11 | Southwestern Energy | Chesapeake Energy | 7.4 bln | All-stock | Second half, 2024 |
| January 7 | Aera Energy Resources | California Resources | 2.1 bln | All-stock | Second half, 2024 |
| January 4 | Callon Petroleum | APA Corp | 4.5 bln | All-stock | Deal closed |
Following are some of the biggest deals which were announced in 2023:
| Announcement Date | Target | Acquirer | Deal value (in $) | Deal type | Closing date |
|---|---|---|---|---|---|
| May 14 | Magellan Midstream Partners | ONEOK | 18.8 bln | Cash and stock | Deal closed |
| October 11 | Pioneer Natural Resources | Exxon Mobil | 59.5 bln | All-stock | Deal closed |
| October 24 | Hess Corp | Chevron | 53 bln | All-stock | Timeline delayed |
| December 11 | CrownRock Petroleum | Occidental Petroleum | 12 bln | Cash and stock | Expected by August |
(Compiled by Mrinalika Roy, Sourasis Bose, Tanay Dhumal, Vallari Srivastava and Seher Dareen in Bengaluru; Editing by Sriraj Kalluvila)