The U.S. Oil and Gas Industry Spent $234 Billion on M&A in 2023

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 68%

Business News News

Business Business Latest News,Business Business Headlines

The U.S. oil and gas industry spent $234 billion on mergers and acquisitions in 2023, the highest spend since 2012.

U.S. oil and gas exploration and production companies spent as much as $234 billion on mergers and acquisitions M&A last year—the highest such spend in real dollar terms since 2012, the Energy Information Administration EIA said in an analysis on Tuesday. The deal-making of the past year marks a return to the consolidation trend from before 2020, the EIA noted. Between 2020 and 2022, heightened market volatility and uncertainties in demand and supply led to a decline in transactions.

Analysts and industry executives expect the consolidation drive that began in 2023 to continue this year, with the potential of more mega-deals of the scale that Exxon-Pioneer and Chevron-Hess announced at the end of last year. Industry executives of companies active in the Permian basin expect more large-size deals to be announced in the coming months, according to the latest Dallas Fed Energy Survey.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in BUSİNESS

Business Business Latest News, Business Business Headlines