Oil and gas mergers hit a record $192 billion in 2023


Major mergers and takeovers of oil and gas firms last year in the U.S. reached a record $192 billion, more than triple the value of deals made in 2022 reported Enverus.

The total did not include the recent $7.4 billion dollar merger between Oklahoma’s Chesapeake Energy with Southwestern Energy of Houston because it was made in 2024.

Nonetheless, many of the major deals made last year involved acquisitions in the Permian shale basin of West Texas and New Mexico. Three of them, Exxon Mobil’s offer for Pioneer Natural Resources, Chevron’s bid for Hess and Occidental Petroleum’s for CrownRock bumped the fourth quarter deals to $144 billion.

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