$207b megamergers drive energy M&A momentum in 2023
Research - MARCH 12, 2024

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$207b megamergers drive energy M&A momentum in 2023

by Kali Persall

Despite pressure from rising interest rates, a dramatic drop in global M&A activity, and a stalled fundraising and dealmaking environment, consolidations in the energy sector fared well.

That is largely owed to megamergers in the fourth quarter of the year, which reached a total volume of $207 billion in 2023, according to a report from JLL. This surpasses the combined volume of the previous three years. Notably, the exploration and production sector has accounted for more than 80 percent of total M&A volume in 2023.

In late 2023, Exxon Mobil agreed to acquire Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion. Chevron also agreed to acquire Hess, a global independent energy company engaged in the exploration and production of crude oil and natural gas, in another all-stock transaction valued at $53 billion. The two transactions ranked as the largest deals for the entire year.

Such consolidations allow energy companies to strea

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