Upstream M&A Dips as Strategic Priorities Shift

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
Brian A Jackson/Shutterstock

Global upstream M&A plunged more than 30% in 2022 to $94.9 billion after a fourth quarter that saw less than $20 billion of assets change hands. Excluding 2020, when dealmaking was paralyzed by the coronavirus pandemic, the annual total is the lowest over the past decade. The overall picture looks even duller considering two-thirds of the deals done were in the US shale patch, and illustrates a strategic shift driven by transition pressures. The trend could be challenged in 2023 by energy security mandates and a strong cash flow outlook, but there is no case for deal flow returning to historical levels.

M&A, Corporate Strategy , Majors, Independent E&Ps, NOCs, Regional Integrateds
Wanda Ad #2 (article footer)
The company's spending plans for the next five years put it in a similar league to Western majors, with growth in LNG a key focus.
Fri, Mar 24, 2023
Oilfield service companies in Russia expect reduced demand from customers as a result of Moscow's decision to scale back crude production.
Fri, Mar 24, 2023
Savannah Energy vowed to contest a decision by Chad to nationalize upstream assets it acquired from Exxon Mobil.
Fri, Mar 24, 2023