同样的博弈,更少的参与者:中游并购与勘探生产行业截然不同

中游并购市场通常会比勘探与生产行业晚几个月。但这次市场有些方面有所不同。

中游行业的并购活动通常会在勘探与生产行业并购活动增加约六个月后才会出现,而且许多大型交易通常都集中在二叠纪盆地。(来源:Pinnacle Midstream)

5 月份,埃克森美孚以创纪录的 600 亿美元收购了二叠纪盆地先锋自然资源公司。同月,赫斯公司股东批准以 530 亿美元的价格将该公司出售给雪佛龙。

这些交易为 2023 年的部分并购狂潮拉开了序幕,2023 年是勘探与生产历史上最活跃的季节之一。与此同时,中游行业见证了并购市场日益激烈的序幕。

据能源研究公司 Enverus 称,2023 年全年,中游市场并购交易额约为 219 亿美元。截至 2024 年第一季度,中游行业已达到 125 亿美元,第二季度又有更多交易,主要是在二叠纪盆地。

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原文链接/HartEnergy

Same Game, Fewer Players: Midstream M&A Stands Apart from E&P Sector

The midstream M&A market typically follows the E&P sector by a few months. But some aspects of the market are different this time around.

Increased M&A activity usually hits the midstream sector about six months after it hits E&Ps, and it’s typical that many of the major deals have been focused on the Permian. (Source: Pinnacle Midstream)

In May, Exxon Mobil completed its record-breaking $60 billion buyout of Pioneer Natural Resources in the Permian Basin. In the same month, Hess Corp. shareholders approved the company’s $53 billion sale to Chevron.

The deals draw a curtain on some of the M&A frenzy in 2023, one of the most active seasons in E&P history. At the same time, the midstream sector saw the curtain opening on an intensifying M&A market.

In all of 2023, the midstream market saw about $21.9 billion in M&A deals, according to energy research firm Enverus. Through first-quarter 2024, the midstream sector had already reached $12.5 billion, and more deals followed in the second quarter, primarily in the Permian Basin.

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