• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 23 hours Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Is It Time To Ditch Tech Stocks for Gold?

Is It Time To Ditch Tech Stocks for Gold?

Peter Schiff highlights the parallels…

U.S. Oil Industry Sets Record With $144 Billion of M&A Deals in Q4

The U.S. upstream oil and gas industry booked its biggest-ever quarter for mergers and acquisitions in the fourth quarter of 2023, with a total of $144 billion worth of deals, Enverus Intelligence Research (EIR) said in a report on Tuesday.   

The record-setting fourth quarter also pushed the full-year 2023 deal value to more than $190 billion, also an all-time high for upstream M&A deals in America, according to the energy intelligence firm.

The two mega deals by Exxon and Chevron, each worth more than $60 billion, led to a surge in M&A value in the final quarter of 2023.

ExxonMobil’s $65 billion acquisition of Pioneer Natural Resources is the third-largest upstream deal ever by enterprise value, and Chevron purchasing Hess for $60 billion is the fourth largest ever, Enverus said.

“Oil and gas is undergoing a historic consolidation wave comparable to what occurred in the late 1990s and early 2000s giving rise to the modern supermajors,” Andrew Dittmar, senior vice president at Enverus, said in a statement.

“After a decade of lowered investment in exploration and with the major U.S. shale plays largely defined, M&A has become the preferred tool to replace declining reserves and secure longevity in these companies’ profitable upstream businesses.”

The Permian led the deals in 2023, as buyers were willing to pay up for acreage in the most prolific shale play, Dittmar noted but added that this year is unlikely to see a repeat of the 2023 M&A mega deals.

“While the buyer interest is still there, we are unlikely to see an encore in 2024 because the available list of attractive takeout targets has grown short,” Dittmar said.


The deal-making in the U.S. oil and gas industry continued in 2024. In one of the latest transactions, Chesapeake Energy Corporation and Southwestern Energy agreed earlier this month to merge in an all-stock transaction valued at $7.4 billion, which will create the biggest U.S. natural gas producer by market value and production.  

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News