Timeline: Biggest oil and gas sector deals since start of the century
02/05/2024 13:55
(Adds Occidental-Pioneer and Diamondback-Endeavor deals,
recasts paragraph 1)
May 2 (Reuters) -
Top U.S. oil and gas producer Exxon Mobil XOM.N has
won the approval of the Federal Trade Commission
(FTC) to close its deal for Pioneer Natural Resources
PXD.N on the condition that former Pioneer CEO Scott Sheffield
is kept off its board.
The U.S. oil and gas industry went on a $250 billion buying
spree in 2023 and the consolidation wave has continued into
2024.
The mergers and acquisitions have drawn increased
antitrust scrutiny, with the FTC reviewing multi-billion dollar
deals, including those involving Chevron CVX.N , Diamondback
Energy FANG.O , Occidental Petroleum OXY.N and Chesapeake
Energy CHK.O .
Here are the major deals in the global oil and gas sector
since the 2000s:
2001
Chevron buys Texaco in a $39.5 billion deal and emerges as
one of the largest energy firms in the world.
2002
Shareholders of Conoco and Phillips Petroleum, and the
Federal Trade Commission approve an $18 billion merger between
the companies and created the third-largest U.S. oil firm
ConocoPhillips COP.N .
2005
Chevron agrees to buy California rival Unocal for about
$16.4 billion after fighting off Italian oil group Eni ENI.MI ,
China's CNOOC and other rumored suitors.
2006
ConocoPhillips acquires Burlington Resources in a $35.6
billion deal and gains access to lucrative positions in North
American gas-rich basins.
2007
Norway's Statoil buys the oil and gas assets of Norsk Hydro
for $30 billion to create a new energy firm, Equinor EQNR.OL .
2010
Exxon Mobil acquires XTO Energy for about $30 billion in
stock to bolster its position as a leading U.S. natural gas
producer.
2012
Russia's state oil company Rosneft ROSN.MM buys TNK-BP
from UK-based BP BP.L in a $55 billion deal.
Kinder Morgan KMI.N finalizes a $21 billion deal to buy El
Paso Corp, combining the two largest natural gas pipeline
operators.
2014
Kinder Morgan buys all of its publicly traded units (Kinder
Morgan Energy Partners LP, Kinder Morgan Inc with Kinder Morgan
Management and El Paso Pipeline Partners) in a $70 billion deal.
2015
Shell SHEL.L (then Royal Dutch Shell) acquires British
rival BG Group in a $70 billion deal.
2018
Marathon Petroleum MPC.N takes over rival Andeavor for $23
billion.
2019
Occidental Petroleum OXY.N acquires Anadarko Petroleum in
a $38 billion deal.
2020
ConocoPhillips buys Concho Resources for $9.7 billion in
2020's top shale deal.
Saudi Aramco 2222.SE completes its purchase of a 70% stake
in petrochemicals company Saudi Basic Industries for $69.1
billion.
PipeChina takes over oil and gas pipelines, and storage
facilities from PetroChina 601857.SS and Sinopec in a deal
valued at $55.9 billion.
2021
Norway's Aker BP AKRBP.OL buys Sweden's Lundin Energy in a
$13.9 billion cash and stock deal to form Norway's second
largest listed oil firm.
BHP Group BHP.AX agrees to sell its petroleum business to
Woodside in a merger to create an oil and gas producer worth $28
billion with growth assets in Australia and the Americas.
2023
Magellan Midstream Partners' unitholders vote in favor of
its sale to larger rival ONEOK OKE.N for $18.8 billion,
creating one of the largest U.S. energy pipeline companies.
ExxonMobil agrees to buy Pioneer Natural Resources PXD.N
in an all-stock deal valued at $59.5 billion that would make it
the biggest producer in the largest U.S. oilfield and secure a
decade of low-cost production.
Chevron agrees to buy smaller rival Hess Corp HES.N in a
$53 billion all-stock deal, putting the company head-to-head
against rival ExxonMobil in two of the world's fastest growing
oil basins - shale and Guyana.
Occidental Petroleum OXY.N agrees to buy privately held
CrownRock in a cash-and-stock deal valued at $12 billion, its
biggest since the debt-laden acquisition of Anadarko Petroleum
in 2019.
2024
Diamondback Energy FANG.O signs an agreement to
acquire privately held rival Endeavor Energy Partners in a $26
billion cash-and-stock deal to boost its presence in the
prolific Permian basin.
(Reporting by Seher Dareen, Sourasis Bose and Roshia Sabu in
Bengaluru; Editing by Shinjini Ganguli, Jamie Freed and Arun
Koyyur)
((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128, if within U.S. call +1 646 223 8780;))