Oil and Gas M&A Activity Surges 57% in 2023 on Higher Profits

Oil and gas dealmaking surged 57% in 2023, reaching $49.2 billion, as companies shifted focus from shareholder returns to growth and consolidation. This trend, driven by large companies and increased spending on exploration and development, is expected to continue. While profits declined due to lower oil prices, companies used accumulated cash for acquisitions and expanding operations. Notable deals include Chevron`s acquisition of PDC Energy and Exxon Mobil`s purchase of Pioneer Natural Resources.