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ExxonMobil
ExxonMobil
NEWS
Chinese buyers may optimize overseas assets as mega deal companies divest themselves of oil and gas fields as part of their consolidation
Mar.1 2024 05:15 AM
- 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.
Feb.24 2024 14:34 PM
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