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.
Related News
Related News
- Williams Seeks Emergency Certificate to Operate $1 Billion Mid-Atlantic Gas Pipeline After Court Reversal
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- Four Petroleum Liquids Pipelines Completed in U.S. Since 2023
- Lighter U.S. Permian Crude Risks Losing Favor with Refiners Due to Processing Challenges
- Saudi Arabia Looking to Expand Pipeline to Reduce Oil Exports via Gulf
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
Comments