U.S. Oil and Gas M&A Activity Surged 57% in 2023

Mergers and acquisitions in the U.S. oil and gas industry went up by 57% last year, a report by Ernst & Young found. The increased consolidation activity followed record profits and intensified competition for a limited amount of untapped resources. Per the report, the value of M&A deals last year reached $49.2 billion, which was up from $31.4 billion for the previous year. The number was driven higher by a couple of so-called megadeals featuring Big Oil majors Exxon and Chevron. Exxon last year struck a deal to acquire Pioneer Natural…