Permian basin M&A deals reach record $100 billion in 2023

M&A deals in Permian basin exceed $100bn in 2023, Wood Mackenzie reports

The Permian basin, an oil-rich region in the southern United States, has witnessed a historic surge in the value of U.S. oil and gas mergers and acquisitions this year, surpassing $100 billion, according to a news release by the consultancy Wood Mackenzie on Tuesday.

This milestone has been driven by multiple multi-billion dollar transactions, notably Exxon Mobil's $60 billion deal to acquire Pioneer Natural Resources and Chevron's $53 billion agreement to take over Hess Corp.

Other notable deals contributing to this record-breaking figure include Permian Resources' $4.5 billion bid for Earthstone Energy, Ovintiv's $4.3 billion investment in three Permian Basin acquisitions, and Civitas Resources' combined $4.7 billion spend for two private-equity-owned properties – Tap Rock Resources and Hibernia Energy III assets.

The Permian basin, situated between Texas and New Mexico, remains a highly attractive target for producers seeking to expand their resource portfolios. Renowned for its productive shale oil output, substantial untapped reserves, and robust infrastructure, the region continues to draw significant investment.

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CrownRock acquisition: Takeover by Occidental Petroleum puts OXY on top of U.S. shale market

Wood Mackenzie also highlighted the Occidental Petroleum deal to acquire the energy producer CrownRock, which was announced on Monday. The move would make Occidental the sixth-largest producer in the lower 48 U.S. states, generating 1 million barrels of oil equivalent per day (boepd). Other major players in this category include Chevron, EOG, ExxonMobil, EQT, and ConocoPhillips.

The deal, subject to regulatory approval, would position Occidental as a bigger player in U.S. shale than Chevron and Hess combined.

Robert Clarke, VP of upstream acquisitions at Wood Mackenzie, wrote:

"This transaction cements an absolute banner year in Permian acquisitions and divestments spend. Coupled with other mega 2023 deals like ExxonMobil and Pioneer, it solidifies Permian scale and multi-decade longevity as a 'must have' trait for US Majors and Super-Independents".

In the Permian specifically, Occidental is set to become one of the top three producers, outpacing Pioneer's output at the time of its sale announcement, as per Wood Mackenzie’s analysis.

The total mergers and acquisitions spending in the top U.S. shale field for the current year is reported to be the highest since 2019, when it reached $65 billion, with Occidental Petroleum Corp's $38 billion acquisition of Permian rival Anadarko leading the way.

At the time of writing on Thursday, Occidental Petroleum shares were up 1.89% in premarket trading at $58.30. Chevron shares were up 0.47% at $145.29, and Exxon Mobil stock was also up, trading at $99.50, up 0.59% before the market open.