FACTBOX-US energy sector deals accelerate in quest for reserves

Reuters11-13 22:02

(Rewrites throughout, adds recent deals including Coterra's $3.96-billion one, recasts first paragraph, updates deal closings)

Nov 13 (Reuters) -

The consolidation trend in the U.S. energy sector, which triggered deals amounting to $250 billion in 2023, stretched into 2024 and is expected to extend into the upcoming year as companies strive to augment their oil and gas reserves.

Deals worth $12 billion were disclosed in the quarter ended Sept. 30, according to data from Enverus Intelligence Research, but it was the smallest quarterly total this year - less than half the second quarter's $30 billion in oil and gas deals.

The wave of deals emptied pocketbooks and left fewer companies on offer, while some announced combinations have been delayed, either by antitrust regulations or by contract arbitration challenges.

Here is a list of major deals in the U.S. oil and gas sector so far this year:

Announcement Target Acquirer Deal value Deal Closing

date (in $) type date

Nov. 13 Some assets of Coterra Energy 3.95 bln Cash Q1, 2025

Avant Natural and

Resources and stock

its affiliates

and Franklin

Mountain Energy

1.25 bln Cash Q4

Oct. 29 EQT's Equinor

non-operated

natgas assets

in Pennsylvania

Aug. 28 Global ONEOK 5.90 bln Cash Closed

Infrastructure

Partners' stake

in EnLink

Midstream and

Medallion

Midstream

Cash

July 28 Point Energy Vital Energy 1.1 bln Closed

Partners' shale and

assets Northern Oil

and Gas

July 8

Grayson Mill's Devon Energy 5 bln Cash Closed

Williston and

assets stock

June 27 SM Energy 2.55 bln Cash

Some assets of and Closed

XCL Resources Northern Oil

and Gas

June 14 Unit of 1.28 bln Cash Closed

Stake in Tallgrass

Rockies Express Energy

Pipeline

June 12 Matador 1.91 bln Cash

Unit of Resources Closed

Ameredev II

June 10 Noble Corp 1.59 bln Cash and Q1, 2025

Diamond stock

Offshore

Drilling

May 29 ConocoPhillips 22.5 bln All-stoc Q4, 2024

Marathon Oil k

May 28 WTG Energy 3.25 bln Cash and

Midstream Transfer stock Closed

May 16 Crescent 2.1 bln Cash and

SilverBow Energy stock Closed

Resources

April 2 SLB 7.8 bln All-stoc End of

ChampionX k 2024

March 11 EQT Corp 5.5 bln All-stoc

Equitrans k Closed

Midstream

Feb. 21 Chord Energy 3.84 bln Cash and

Enerplus Corp stock Closed

Feb. 12 Diamondback 26 bln Cash and

Endeavor Energy Energy stock Closed

Jan. 22 Sunoco 7.3 bln All-stoc

NuStar Energy k Closed

Jan. 15 Talos Energy 1.29 bln Cash and

QuarterNorth stock Closed

Energy

Jan. 11 Chesapeake 7.4 bln All-stoc

Southwestern Energy k Closed

Energy

Jan. 7 California 2.1 bln All-stoc

Aera Energy Resources k Closed

Jan. 4 APA Corp 4.5 bln All-stoc

Callon k Closed

Petroleum

These are some of the biggest deals announced in 2023:

Announcement Target Acquirer Deal value Deal Closing

date (in $) type date

May 14 ONEOK 18.8 bln Cash and

Magellan stock Closed

Midstream

Partners

Oct. 11 Exxon Mobil 59.5 bln All-stoc

Pioneer Natural k Closed

Resources

Oct. 24 Chevron 53 bln All-stoc Timeline

Hess Corp k delayed

Dec. 11 Occidental 12 bln Cash and

CrownRock Petroleum stock Closed

(Compiled by Mrinalika Roy, Sourasis Bose, Tanay Dhumal, Vallari Srivastava and Seher Dareen in Bengaluru; Editing by Sriraj Kalluvila and Pooja Desai)

((mrinalika.roy@thomsonreuters.com))

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