The biggest deals in the oil and gas sector since the turn of the century

The biggest deals in the oil and gas sector since the turn of the century
The biggest deals in the oil and gas sector since the turn of the century

Leading U.S. oil and gas producer Exxon Mobil has won approval from the Federal Trade Commission.

obtained approval from the Federal Trade Commission (FTC)

(FTC) to complete its acquisition of Pioneer Natural Resources on the condition that former Pioneer CEO Scott Sheffield would not serve on its board of directors.

The U.S. oil and gas industry embarked on a $250 billion buying spree in 2023 and the wave of consolidation continued into 2024.

Mergers and acquisitions have been the subject of increased antitrust scrutiny, with the FTC examining multibillion-dollar transactions, including those involving Chevron, Diamondback Energy, Occidental Petroleum and Chesapeake Energy.

Here are the main operations carried out in the global oil and gas sector since the 2000s:

2001

Chevron buys Texaco for $39.5 billion, becoming one of the world’s largest energy companies.

2002

Shareholders of Conoco and Phillips Petroleum, along with the Federal Trade Commission, approve an $18 billion merger between the two companies, creating the third-largest oil company in the United States, ConocoPhillips.

2005

Chevron agrees to buy its Californian rival Unocal for around $16.4 billion, after ruling out Italian oil group Eni, Chinese group CNOOC and other suitors.

2006

ConocoPhillips acquires Burlington Resources for $35.6 billion, gaining lucrative positions in North American gas basins.

2007

Norwegian company Statoil is buying Norsk Hydro’s oil and gas assets for $30 billion to create a new energy company, Equinor.

2010

Exxon Mobil is acquiring XTO Energy for approximately $30 billion in stock to strengthen its position as the largest natural gas producer in the United States.

2012

Russian national oil company Rosneft buys TNK-BP from British company BP for $55 billion.

Kinder Morgan is finalizing a $21 billion deal to buy El Paso Corp, combining the two largest gas pipeline operators.

2014

Kinder Morgan is buying all of its publicly traded units (Kinder Morgan Energy Partners LP, Kinder Morgan Inc with Kinder Morgan Management and El Paso Pipeline Partners) in a $70 billion deal.

2015

Shell (then Royal Dutch Shell) acquires British rival BG Group in a $70 billion deal.

2018

Marathon Petroleum buys rival Andeavor for $23 billion.

2019

Occidental Petroleum acquires Anadarko Petroleum for $38 billion.

2020

ConocoPhillips is buying Concho Resources for $9.7 billion, the biggest deal of 2020 in the shale sector.

Saudi Aramco is buying a 70% stake in petrochemical company Saudi Basic Industries for $69.1 billion.

PipeChina is taking over the oil and gas pipelines and storage facilities of PetroChina and Sinopec in a deal valued at $55.9 billion.

2021

Norway’s Aker BP is buying Sweden’s Lundin Energy in a $13.9 billion cash and stock deal to form Norway’s second publicly traded oil company.

BHP Group agrees to sell its oil operations to Woodside in a merger to create a $28 billion oil and gas producer with growing assets in Australia and the Americas.

2023

Magellan Midstream Partners shareholders are voting to sell it to archrival ONEOK for $18.8 billion, creating one of the largest U.S. oil and gas pipeline companies.

ExxonMobil agrees to buy Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, which would make ExxonMobil the largest producer in the largest U.S. oil field and give it a decade of low-cost production.

Chevron agrees to buy its small rival Hess Corp. in a $53 billion stock deal that would allow it to take on rival ExxonMobil in two of the world’s fastest-growing oil basins: shale and Guyana.

Occidental Petroleum agrees to buy privately held CrownRock in a cash-and-stock deal valued at $12 billion, the largest since it acquired debt-laden Anadarko Petroleum in 2019.

2024

Diamondback Energy signs a deal to acquire privately held rival Endeavor Energy Partners in a $26 billion cash-and-stock deal to boost its presence in the prolific Permian Basin.

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