U.S. energy sector mergers are set to close 2024 on a high note after a blockbuster 2023 when the total deal value hit a record $250 billion, as companies double down on efforts to augment their oil and gas reserves.
Deals worth $12 billion were disclosed in the quarter ended Sept. 30, according to data from Enverus Intelligence Research, and in the first half of November transactions worth about $8 billion have been announced.
The wave of deals has left fewer companies and assets on offer, while some announced combinations have been delayed, either by antitrust regulations or by contract arbitration challenges.
Here is a list of major deals in the U.S. oil and gas sector so far this year:
| Announcement Date | Target | Acquirer | Deal Value ($) | Type | Deal Closing Date |
|---|---|---|---|---|---|
| Nov. 14 | Montney assets from Paramount Resources | Ovintiv | 2.38 billion | Cash | Q1, 2025 |
| Nov. 14 | Ovintiv’s Unita resources | FourPoint | 2 billion | Cash | Q1, 2025 |
| Nov. 13 | Some assets of Avant Natural Resources and Franklin Mountain Energy | Coterra Energy | 3.95 billion | Cash and Stock | Q1, 2025 |
| Oct. 29 | EQT’s non-operated natgas assets in Pennsylvania | Equinor | 1.25 billion | Cash | Q4 |
| Aug. 28 | Global Infrastructure Partners’ stake in EnLink Midstream and Medallion Midstream | ONEOK | 5.90 billion | Cash | Closed |
| July 28 | Point Energy Partners’ shale assets | Vital Energy | 1.1 billion | Cash | Closed |
| July 8 | Grayson Mill’s Williston assets | Devon Energy | 5 billion | Cash and Stock | Closed |
| June 27 | Some assets of XCL Resources | SM Energy | 2.55 billion | Cash and Stock | Closed |
| June 14 | Stake in Tallgrass Energy’s Rockies Express Pipeline | Unit of Energy | 1.28 billion | Cash | Closed |
| June 12 | Unit of Ameredev II | Matador Resources | 1.91 billion | Cash | Closed |
| June 10 | Diamond Offshore Drilling | Noble Corp | 1.59 billion | Cash and Stock | Q1, 2025 |
| May 29 | Marathon Oil | ConocoPhillips | 22.5 billion | All-stock | Q4, 2024 |
| May 28 | WTG Midstream | Energy Transfer | 3.25 billion | Cash and Stock | Closed |
| May 16 | SilverBow Resources | Crescent Energy | 2.1 billion | Cash and Stock | Closed |
| April 2 | ChampionX | SLB | 7.8 billion | All-stock | End of 2024 |
| March 11 | Equitrans Midstream | EQT Corp | 5.5 billion | All-stock | Closed |
| Feb. 21 | Enerplus Corp | Chord Energy | 3.84 billion | Cash and Stock | Closed |
| Feb. 12 | Endeavor Energy | Diamondback Energy | 26 billion | Cash and Stock | Closed |
| Jan. 22 | NuStar Energy | Sunoco | 7.3 billion | All-stock | Closed |
| Jan. 15 | QuarterNorth Energy | Talos Energy | 1.29 billion | Cash and Stock | Closed |
| Jan. 11 | Southwestern Energy | Chesapeake Energy | 7.4 billion | All-stock | Closed |
| Jan. 7 | Aera Energy | California Resources | 2.1 billion | All-stock | Closed |
| Jan. 4 | Callon Petroleum | APA Corp | 4.5 billion | All-stock | Closed |
| May 14, 2023 | Magellan Midstream Partners | ONEOK | 18.8 billion | Cash and Stock | Closed |
| Oct. 11, 2023 | Pioneer Natural Resources | Exxon Mobil | 59.5 billion | All-stock | Closed |
| Oct. 24, 2023 | Hess Corp | Chevron | 53 billion | All-stock | Timeline delayed |
| Dec. 11, 2023 | CrownRock Petroleum | Occidental | 12 billion | Cash and Stock | Closed |
(Compiled by Mrinalika Roy, Sourasis Bose, Tanay Dhumal, Vallari Srivastava and Seher Dareen in Bengaluru; Editing by Sriraj Kalluvila and Pooja Desai)