U.S. Shale Patch M&A Declines In Q3 To $12B
The U.S. shale patch recorded $12 billion worth of mergers in the quarter ended Sept. 30, the lowest total in six quarters, Enverus Intelligence Research has revealed.
Andrew Dittmar, principal analyst at Enervus, has noted that some of the biggest buyers have become sellers, citing Occidental Petroleum's (NYSE:OXY) $818 million sale of properties to Permian Resources (NYSE:PR) and APA Corp.(NASDAQ:APA) divesting older properties to an undisclosed buyer. According to Dittmar, "Upstream M&A was bound to drop" after 2023's record $192 billion in deals largely in the Permian basin of West Texas.
One of the biggest deals during the quarter was by independent oil & gas company Devon Energy (NYSE:DVN) which announced plans to acquire Grayson Mill Energy's Williston Basin business in a cash and stock deal valued at ~$5B, consisting of $3.25B of cash and $1.75B of stock.
The U.S. shale patch recorded $12 billion worth of mergers in the quarter ended Sept. 30, the lowest total in six quarters, Enverus Intelligence Research has revealed.
Andrew Dittmar, principal analyst at Enervus, has noted that some of the biggest buyers have become sellers, citing Occidental Petroleum's (NYSE:OXY) $818 million sale of properties to Permian Resources (NYSE:PR) and APA Corp.(NASDAQ:APA) divesting older properties to an undisclosed buyer. According to Dittmar, "Upstream M&A was bound to drop" after 2023's record $192 billion in deals largely in the Permian basin of West Texas.
One of the biggest deals during the quarter was by independent oil & gas company Devon Energy (NYSE:DVN) which announced plans to acquire Grayson Mill Energy's Williston Basin business in a cash and stock deal valued at ~$5B, consisting of $3.25B of cash and $1.75B of stock.