Acceleration of Carbon Reduction Hastens Integration of Traditional Energy (AI Translation)
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- In 2023, global oil and gas upstream M&A exceeded $270 billion, with significant deals in the U.S. shale sector, including Exxon Mobil's acquisition of Pioneer Natural Resources for about $65 billion and Chevron's purchase of Hess Corporation for $60 billion.
- The surge in acquisitions reflects a strategic focus on energy security and the reevaluation of fossil fuels amidst challenges to renewable energy's cost, supply chain, efficiency, and stability. U.S. companies are notably aggressive in consolidating assets, particularly in the Permian Basin.
- The trend contrasts with European firms' continued commitment to carbon reduction and renewable energy investments. However, geopolitical tensions and the need for energy security are prompting a global reassessment of oil and gas assets, with potential implications for future industry consolidation both within and beyond North America.
文｜财新周刊 罗国平
By Caixin Weekly's Luo Guoping
2023年以来，全球油气上游资源并购金额超过2700亿美元，此轮化石能源并购浪潮的密集程度、规模之大史所罕见；尤其在过去数年的减碳大环境下，更显意外。
Since the beginning of 2023, global upstream oil and gas resource acquisitions have surpassed $270 billion, marking an unprecedented wave of fossil fuel mergers and acquisitions in terms of both intensity and scale, especially surprising given the context of significant carbon reduction efforts over the past few years.
百亿美元级别的交易迭出，仅在2023年10月的一个月内，就出现了史上第三大、第五大油气超级并购案例：10月11日，美国第一大石油公司埃克森美孚（NYSE：XOM，Exxon Mobil）宣布收购页岩油头部厂商先锋公司（NYSE：PXD），加上债务的交易价值约645亿美元；10月23日，美国第二大石油公司雪佛龙（NYSE：CVX，Chevron）以600亿美元收购竞争对手赫斯（NYSE：HES），而前者在5月才以76亿美元收购了美国页岩油气开发商PDC能源公司。这三笔大交易均以全股票方式交割。
Billion-dollar deals are being struck with remarkable frequency, and in just the month of October 2023 alone, we've witnessed the third and fifth largest oil and gas mega-mergers in history. On October 11th, Exxon Mobil (NYSE: XOM), the largest oil company in the United States, announced its acquisition of leading shale oil producer Pioneer Natural Resources (NYSE: PXD) in a deal valued at approximately $65 billion, including debt. Then, on October 23rd, Chevron (NYSE: CVX), the second-largest U.S. oil company, acquired its competitor Hess Corporation (NYSE: HES) for $60 billion. This followed Chevron's May acquisition of American shale oil and gas developer PDC Energy for $7.6 billion. All three major transactions were conducted entirely through stock exchanges.
在美国数千家油气公司中争夺前几把交椅的并购仍在继续：2023年12月，美国著名投资人沃伦·巴菲特持股超过三分之一的西方石油（NYSE：OXY），以120亿美元收购页岩油厂商CrownRock；2024年2月，美国响尾蛇能源公司（NASDAQ：FANG），再以260亿美元吞并竞争对手Endeavor，此宗并购诞生了一家价值500亿美元的新公司。
The competition for top spots among thousands of oil and gas companies in the United States continues through mergers and acquisitions: In December 2023, Occidental Petroleum (NYSE: OXY), in which renowned investor Warren Buffett holds more than a third of the shares, acquired shale oil manufacturer CrownRock for $12 billion; In February 2024, Diamondback Energy Inc. (NASDAQ: FANG) further swallowed its competitor Endeavor with $26 billion, birthing a new company valued at $50 billion.
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