US shale deal-making stirs to life
Domestic acquisitions gain momentum after woeful performance across the first three quarters of the year
US shale M&A activity is suddenly gathering pace from a lethargic first three quarters of the year as firms eye deal-making opportunities Deal-making slumped to its lowest level in a decade in January-September on the back of Covid-19 uncertainty and no sign of anything but a moderate price recovery following the Q1 crash. But heading into the final quarter of the year, US independent ConocoPhillips agreed to acquire Texas-based Concho Resources for $13.3bn, the largest upstream shale deal since Australian producer BHP completed a $15bn takeover of independent Petrohawk in 2011 (see Fig. 1). And fellow US indie Pioneer Natural Resources struck a deal for shale peer Parsley Energy for $7
Also in this section
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis