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.