Consolidation Trends Persist in U.S. Energy Sector in 2024
(Reuters) — 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 reserves.
The majority of energy executives polled in December by the Federal Reserve Bank of Dallas expected more oil deals worth $50 billion or higher to pop up in the next two years.
In 2023, some 39 private companies were acquired by public companies, Enverus data showed.
Below is a list of deals in the U.S. oil and gas sector so far this year:
|
Announcement date |
Target |
Acquirer |
Deal value (in $) |
Deal type |
Closing date |
|
May 29 |
Marathon Oil |
ConocoPhillips |
22.5 billion |
All-stock |
Q4, 2024 |
|
May 28 |
WTG Midstream |
Energy Transfer |
3.25 billion |
Cash and stock |
Q3, 2024 |
|
May 16 |
SilverBow Resources |
Crescent Energy |
2.1 billion |
Cash and stock |
End of Q3, 2024 |
|
April 2 |
ChampionX |
SLB |
7.8 billion |
All-stock |
End of 2024 |
|
March 11 |
Equitrans Midstream |
EQT Corp |
5.5 billion |
All-stock |
Q4, 2024 |
|
February 21 |
Enerplus Corp |
Chord Energy |
3.84 billion |
Cash and stock |
Mid 2024 |
|
February 12 |
Endeavor Energy |
Diamondback Energy |
26 billion |
Cash and stock |
Q4, 2024 |
|
January 22 |
NuStar Energy |
Sunoco |
7.3 billion |
All-stock |
Deal closed |
|
January 15 |
QuarterNorth Energy |
Talos Energy |
1.29 billion |
Cash and stock |
Deal closed |
|
January 11 |
Southwestern Energy |
Chesapeake Energy |
7.4 billion |
All-stock |
Second half, 2024 |
|
January 7 |
Aera Energy |
California Resources |
2.1 billion |
All-stock |
Second half, 2024 |
|
January 4 |
Callon Petroleum |
APA Corp |
4.5 billion |
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 billion |
Cash and stock |
Deal closed |
|
October 11 |
Pioneer Natural Resources |
Exxon Mobil |
59.5 billion |
All-stock |
Deal closed |
|
October 24 |
Hess Corp |
Chevron |
53 billion |
All-stock |
Timeline delayed |
|
December 11 |
CrownRock |
Occidental Petroleum |
12 billion |
Cash and stock |
Q2, 2024 |
This graphic does not include the ConocoPhillips-Marathon Oil deal.
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