Factbox: US energy sector deals extend strong run as producers build reserves
14/11/2024 11:53
(Adds Ovintiv's deal)
Nov 14 (Reuters) - U.S. energy sector mergers are set to close 2024 on a
high note after a blockbuster 2023 when the total deal value hit a record $250
billion, as companies double down on efforts 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, and in the first half of
November transactions worth about $8 billion have been announced.
The wave of deals has left fewer companies and assets 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. 14 Ovintiv 2.38 bln Cash Q1, 2025
Montney assets OVV.N
from Paramount
Resources
POU.TO
Nov. 14 FourPoint 2 bln Cash Q1, 2025
Ovintiv's Resources
OVV.N Unita
resources
Nov. 13 Coterra Energy 3.95 bln Cash and Q1, 2025
Some assets of CTRA.N stock
Avant Natural
Resources and
its affiliates
and Franklin
Mountain Energy
Oct. 29 Equinor 1.25 bln Cash Q4
EQT's EQT.N EQNR.OL
non-operated
natgas assets
in Pennsylvania
Aug. 28 ONEOK OKE.N 5.90 bln Cash Closed
Global
Infrastructure
Partners' stake
in EnLink
Midstream and
Medallion
Midstream
July 28 Vital Energy 1.1 bln Cash Closed
Point Energy VTLE.N and
Partners' shale Northern Oil
assets and Gas
NOG.N
July 8 Devon Energy 5 bln Cash and Closed
Grayson Mill's DVN.N stock
Williston
assets
June 27 SM Energy 2.55 bln Cash Closed
Some assets of SM.N and
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 Closed
Unit of Resources
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 Closed
Midstream Transfer stock
May 16 Crescent 2.1 bln Cash and Closed
SilverBow Energy stock
Resources
April 2 SLB 7.8 bln All-stoc End of
ChampionX k 2024
March 11 EQT Corp 5.5 bln All-stoc Closed
Equitrans k
Midstream
Feb. 21 Chord Energy 3.84 bln Cash and Closed
Enerplus Corp stock
Feb. 12 Diamondback 26 bln Cash and Closed
Endeavor Energy Energy stock
Jan. 22 Sunoco 7.3 bln All-stoc Closed
NuStar Energy k
Jan. 15 Talos Energy 1.29 bln Cash and Closed
QuarterNorth stock
Energy
Jan. 11 Chesapeake 7.4 bln All-stoc Closed
Southwestern Energy k
Energy
Jan. 7 California 2.1 bln All-stoc Closed
Aera Energy Resources k
Jan. 4 APA Corp 4.5 bln All-stoc Closed
Callon k
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 Closed
Magellan stock
Midstream
Partners
Oct. 11 Exxon Mobil 59.5 bln All-stoc Closed
Pioneer Natural k
Resources
Oct. 24 Chevron 53 bln All-stoc Timeline
Hess Corp k delayed
Dec. 11 Occidental 12 bln Cash and Closed
CrownRock Petroleum stock
(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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