U.S. Energy Sector Consolidation Extends into 2024

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(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.

The majority of energy executives polled in December by the Federal Reserve Bank of Dallas expected more oil deals worth $50 billion or higher to pop up in the next two years.

In 2023, some 39 private companies were acquired by public companies, Enverus data showed.

Below is a list of deals in the U.S. oil and gas sector so far this year:

Target	Acquirer	Deal value (in $)	Deal type	Closing date
Enerplus Corp	Chord Energy	3.84 bln	Cash and stock	Mid 2024
Endeavor Energy	Diamondback Energy	26 bln	Cash and stock	Q4, 2024
Callon Petroleum	APA Corp	4.5 bln	All-stock	Q2, 2024
Southwestern Energy	Chesapeake Energy	7.4 bln	All-stock	Q2, 2024
QuarterNorth Energy	Talos Energy	1.29 bln	Cash and stock	End of Q1, 2024
NuStar Energy	Sunoco	7.3 bln	All-stock	Q2, 2024
Aera Energy	California Resources	2.1 bln	All-stock	Second half, 2024
Equitrans Midstream	EQT Corp	5.5 bln	All-stock	Q4, 2024
ChampionX	SLB	7.8 bln	All-stock	End of 2024
SilverBow Resources	Crescent Energy	2.1 bln	Cash and stock	End of Q3, 2024
WTG Midstream	Energy Transfer	3.25 bln	Cash and stock	Q3, 2024
Marathon Oil	ConocoPhillips	22.5 bln	All-stock	Q4, 2024