After more than $230 billion worth of mergers and acquisitions in the U.S. oil and gas industry in 2023, the M&A momentum continued in the first half of 2024, too, with tens of billions of dollars worth of new deals announced so far this year. Last year, U.S. oil and gas exploration and production companies spent as much as $234 billion on M&As—the highest such spend in real dollar terms since 2012, the Energy Information Administration EIA said in an analysis in March.
upstream sector has been announcing more deals in terms of value compared to the international upstream industry, according to data from Enverus M&A Analytics cited by Reuters on Monday. The record so far in the U.S. upstream dealmaking was in the fourth quarter of 2023, with a total of $144.3 billion of transaction value announced. This included Exxon and Chevron’s mega-deals. This year, the latest merger in the U.S.
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