Factbox: US energy sector deals accelerate in quest for reserves
12/06/2024 13:10
(Adds Matador's deal for EnCap-owned Ameredev; updates deal data in second
paragraph)
June 12 (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 total value of deals in January and February hit the highest level since
the first quarter of 2017 when $68 billion worth of deals were announced, and is
also more than double that announced in the first quarter of 2023. Deals
involving U.S. shale firms represented more than 80% of the total value,
analytics firm Enverus has said.
In 2023, some 39 private companies were acquired by public companies.
Below is a list of deals in the U.S. oil and gas sector so far this year:
Announcement Target Acquirer Deal value Deal Closing
date (in $) type date
June 12 Matador 1.91 bln Cash Q3,
Unit of Resources 2024
Ameredev II
June 10 Noble Corp 1.59 bln Cash and Q1,
Diamond stock 2025
Offshore
Drilling
May 29 ConocoPhillips 22.5 bln All-stoc Q4,
Marathon Oil k 2024
May 28 Energy 3.25 bln Cash and Q3,
WTG Midstream Transfer stock 2024
May 16 Crescent 2.1 bln Cash and End of
SilverBow Energy stock Q3,
Resources 2024
April 2 SLB 7.8 bln All-stoc End of
ChampionX k 2024
March 11 EQT Corp 5.5 bln All-stoc Q4,
Equitrans k 2024
Midstream
February 21 Chord Energy 3.84 bln Cash and Mid
Enerplus Corp stock 2024
February 12 Diamondback 26 bln Cash and Q4,
Endeavor Energy stock 2024
Energy
January 22 Sunoco 7.3 bln All-stoc Deal
NuStar Energy k closed
January 15 Talos Energy 1.29 bln Cash and Deal
QuarterNorth stock closed
Energy
January 11 Chesapeake 7.4 bln All-stoc Second
Southwestern Energy k half,
Energy 2024
January 7 California 2.1 bln All-stoc Second
Aera Energy Resources k half,
2024
January 4 APA Corp 4.5 bln All-stoc Deal
Callon k closed
Petroleum
Following are some of the biggest deals which were announced in 2023:
Announcement Target Acquirer Deal Deal Closing
date value (in type date
$)
May 14 ONEOK 18.8 bln Cash and Deal
Magellan stock closed
Midstream
Partners
October 11 Exxon 59.5 bln All-stoc Deal
Pioneer Mobil k closed
Natural
Resources
October 24 Chevron 53 bln All-stoc Timeline
Hess Corp k delayed
December 11 Occidental 12 bln Cash and Q2, 2024
CrownRock Petroleum stock
This graphic excludes the ConocoPhillips-Marathon Oil, Noble-Diamond Offshore,
and Matador-Ameredev unit deals.
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Upstream deals in energy sector https://reut.rs/4e33VWX
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(Compiled by Mrinalika Roy, Sourasis Bose, Tanay Dhumal, Vallari Srivastava and
Seher Dareen in Bengaluru; Editing by Sriraj Kalluvila)
((mrinalika.roy@thomsonreuters.com))
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