(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.
Below is a list of deals in the U.S. oil and gas sector so far this year:
Announcement date
|
Target
|
Acquirer
|
Deal value (in $)
|
Deal type
|
Closing date
|
June 10
|
Noble Corp
|
1.59 bln
|
Cash and stock
|
Q1, 2025
|
|
May 29
|
ConocoPhillips
|
22.5 bln
|
All-stock
|
Q4, 2024
|
|
May 28
|
Energy Transfer
|
3.25 bln
|
Cash and stock
|
Q3, 2024
|
|
May 16
|
Crescent Energy
|
2.1 bln
|
Cash and stock
|
End of Q3, 2024
|
|
April 2
|
SLB
|
7.8 bln
|
All-stock
|
End of 2024
|
|
March 11
|
EQT Corp
|
5.5 bln
|
All-stock
|
Q4, 2024
|
|
February 21
|
Chord Energy
|
3.84 bln
|
Cash and stock
|
Mid 2024
|
|
February 12
|
Diamondback Energy
|
26 bln
|
Cash and stock
|
Q4, 2024
|
|
January 22
|
Sunoco
|
7.3 bln
|
All-stock
|
Deal closed
|
|
January 15
|
Talos Energy
|
1.29 bln
|
Cash and stock
|
Deal closed
|
|
January 11
|
Chesapeake Energy
|
7.4 bln
|
All-stock
|
Second half, 2024
|
|
January 7
|
California Resources
|
2.1 bln
|
All-stock
|
Second half, 2024
|
|
January 4
|
APA Corp
|
4.5 bln
|
All-stock
|
Deal closed
|
Following are some of the biggest deals which were announced in 2023:
Announcement date
|
Target
|
Acquirer
|
Deal value (in $)
|
Deal type
|
Closing date
|
May 14
|
ONEOK
|
18.8 bln
|
Cash and stock
|
Deal closed
|
|
October 11
|
Exxon Mobil
|
59.5 bln
|
All-stock
|
Deal closed
|
|
October 24
|
Chevron
|
53 bln
|
All-stock
|
Timeline delayed
|
|
December 11
|
Occidental Petroleum
|
12 bln
|
Cash and stock
|
Q2, 2024
|

This graphic does not include the ConocoPhillips-Marathon Oil and Noble-Diamond Offshore deals.
Compiled by Mrinalika Roy, Sourasis Bose, Tanay Dhumal, Vallari Srivastava and Seher Dareen in Bengaluru; Edited by Vijay Kishore and Savio D’Souza
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