Factbox: US energy sector deals accelerate in quest for reserves
13/11/2024 14:02
(Rewrites throughout, adds recent deals including Coterra's $3.96-billion one,
recasts first paragraph, updates deal closings)
Nov 13 (Reuters) -
The consolidation trend in the U.S. energy sector, which triggered deals
amounting to $250 billion in 2023, stretched into 2024 and is expected to extend
into the upcoming year as companies strive to augment their oil and gas
reserves.
Deals worth $12 billion were disclosed in the quarter ended Sept. 30,
according to data from Enverus Intelligence Research, but it was the smallest
quarterly total this year - less than half the second quarter's $30 billion in
oil and gas deals.
The wave of deals emptied pocketbooks and left fewer companies on offer,
while some announced combinations have been delayed, either by antitrust
regulations or by contract arbitration challenges.
Here is a list of major deals in the U.S. oil and gas sector so far this
year:
Announcement Target Acquirer Deal value Deal Closing
date (in $) type date
Nov. 13 Some assets of Coterra Energy 3.95 bln Cash Q1, 2025
Avant Natural CTRA.N and
Resources and stock
its affiliates
and Franklin
Mountain Energy
1.25 bln Cash Q4
Oct. 29 EQT's EQT.N Equinor
non-operated EQNR.OL
natgas assets
in Pennsylvania
Aug. 28 Global ONEOK OKE.N 5.90 bln Cash Closed
Infrastructure
Partners' stake
in EnLink
Midstream and
Medallion
Midstream
Cash
July 28 Point Energy Vital Energy 1.1 bln Closed
Partners' shale VTLE.N and
assets Northern Oil
and Gas
NOG.N
July 8
Grayson Mill's Devon Energy 5 bln Cash Closed
Williston DVN.N and
assets stock
June 27 SM Energy 2.55 bln Cash
Some assets of SM.N and Closed
XCL Resources Northern Oil
and Gas
NOG.N
June 14 Unit of 1.28 bln Cash Closed
Stake in Tallgrass
Rockies Express Energy
Pipeline
June 12 Matador 1.91 bln Cash
Unit of Resources Closed
Ameredev II
June 10 Noble Corp 1.59 bln Cash and Q1, 2025
Diamond stock
Offshore
Drilling
May 29 ConocoPhillips 22.5 bln All-stoc Q4, 2024
Marathon Oil k
May 28 WTG Energy 3.25 bln Cash and
Midstream Transfer stock Closed
May 16 Crescent 2.1 bln Cash and
SilverBow Energy stock Closed
Resources
April 2 SLB 7.8 bln All-stoc End of
ChampionX k 2024
March 11 EQT Corp 5.5 bln All-stoc
Equitrans k Closed
Midstream
Feb. 21 Chord Energy 3.84 bln Cash and
Enerplus Corp stock Closed
Feb. 12 Diamondback 26 bln Cash and
Endeavor Energy Energy stock Closed
Jan. 22 Sunoco 7.3 bln All-stoc
NuStar Energy k Closed
Jan. 15 Talos Energy 1.29 bln Cash and
QuarterNorth stock Closed
Energy
Jan. 11 Chesapeake 7.4 bln All-stoc
Southwestern Energy k Closed
Energy
Jan. 7 California 2.1 bln All-stoc
Aera Energy Resources k Closed
Jan. 4 APA Corp 4.5 bln All-stoc
Callon k Closed
Petroleum
These are some of the biggest deals announced in 2023:
Announcement Target Acquirer Deal value Deal Closing
date (in $) type date
May 14 ONEOK 18.8 bln Cash and
Magellan stock Closed
Midstream
Partners
Oct. 11 Exxon Mobil 59.5 bln All-stoc
Pioneer Natural k Closed
Resources
Oct. 24 Chevron 53 bln All-stoc Timeline
Hess Corp k delayed
Dec. 11 Occidental 12 bln Cash and
CrownRock Petroleum stock Closed
(Compiled by Mrinalika Roy, Sourasis Bose, Tanay Dhumal, Vallari Srivastava and
Seher Dareen in Bengaluru; Editing by Sriraj Kalluvila and Pooja Desai)
((mrinalika.roy@thomsonreuters.com))
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