CALGARY, AB, Jan. 23, 2024 /PRNewswire/ -- Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company, is pleased to announce its report on upstream mergers and acquisitions (M&A) activity in Q4 and full year 2023. A massive $144 billion in upstream M&A was recorded in Q4, setting a record for the company. As a result, the total value for the year 2023 topped $190 billion, also setting a record.
The oil and gas industry is going through an unprecedented consolidation wave comparable to what took place between the late 1990s and early 2000s that gave rise to the modern supermajors," said Andrew Dittmar, senior vice president at Enverus. Having reduced investment in exploration over the past decade, and with the major U.S. shale plays largely defined, M&A has become a preferred method for replacing declining reserves, as well as securing the longevity of these companies' profitable upstream businesses."

Source prnewswire