12/23/2024
It's Beginning to Look a Lot Like Christmas! As the year draws to a c...
Comprehensive Energy Data Intelligence
Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...
Recent Articles
12/23/2024
It's Beginning to Look a Lot Like Christmas!
As the year draws to a close and the festive season surrounds us with cozy blankets, steaming mugs of cocoa, and the sparkle of holiday lights, it’s the perfect time to pause, reflect, and unwrap the biggest highlights of 2024. At Rextag, we couldn’t think of a better gift for our readers than a look back at the deals that shaped the oil and gas industry this year.
So, while you sip your cocoa and enjoy the holiday glow, let’s dive into the most impactful oil and gas deals of the year—complete with a festive bow and a little extra surprise at the end.
- ExxonMobil’s Acquisition of Pioneer Natural Resources
- Value: $64.5 billion
- Date: October 11, 2024
ExxonMobil made waves by acquiring Pioneer Natural Resources, securing 850,000 net acres in the Permian Basin. This deal boosted Exxon’s daily output by over 700,000 barrels of oil equivalent per day (boe/d).
This acquisition solidified Exxon’s dominance in U.S. shale, positioning it as a leader in energy transition discussions.
Fact: ExxonMobil’s largest acquisition since its merger with Mobil in 1999. It’s being called the “shale blockbuster” of the decade.
2. Chevron’s Purchase of Hess Corporation
- Value: $60 billion
- Date: September 30, 2024
Chevron’s acquisition added Hess’s assets in Guyana’s Stabroek Block, a hotbed of oil discoveries with reserves exceeding 11 billion barrels. The Gulf of Mexico assets further added to Chevron’s portfolio.
Production increased by 460,000 boe/d, making Chevron a major player in international energy markets.
Fact: Hess’s Guyana operations were so lucrative that some analysts called this deal the “crown jewel” of 2024.
3. ConocoPhillips’ Acquisition of Marathon Oil
- Value: $22.5 billion
- Date: June 15, 2024
ConocoPhillips acquired Marathon Oil in an all-stock deal, gaining 900,000 acres in the Eagle Ford and Bakken shales. The acquisition added 350,000 boe/d to Conoco’s portfolio.
It enhanced Conoco’s shale oil dominance, focusing on cost-efficient production and mature assets.
Fact: This was Conoco’s boldest move since its merger with Burlington Resources in 2006.
4. Occidental Petroleum’s Acquisition of CrownRock
- Value: $12 billion
- Date: March 2024
Occidental acquired CrownRock’s 70,000 acres in the Permian Basin, adding 50,000 boe/d to its production. The deal emphasized Occidental’s focus on high-return assets.
Reinforced Occidental’s position as a Permian powerhouse.
Fact: CrownRock’s founders reportedly saw 3x returns on their initial investments in just a decade.
5. Sunoco’s Acquisition of NuStar Energy
- Value: $7.3 billion
- Date: October 13, 2024
This deal expanded Sunoco’s midstream operations by adding NuStar’s 3,500 miles of pipelines and 60 million barrels of storage capacity across North America.
Positioned Sunoco as a midstream infrastructure leader, crucial for energy logistics.
Fact: NuStar’s San Antonio headquarters is rumored to remain operational, retaining its Texan roots.
6. Double Eagle’s Exploration of a Sale
- Value: Potentially $6.5 billion
- Date: Q4 2024 (Expected)
Double Eagle is exploring the sale of its Permian Basin assets, which span over 150,000 acres. If finalized, this could become the largest private energy deal of the year.
This would signal strong investor confidence in privately held energy companies.
Fact: Industry whispers suggest the sale attracts bids from multiple oil majors, sparking fierce competition.
7. Devon Energy’s Purchase of Grayson Mill Energy
- Value: $5 billion
- Date: July 2024
Devon Energy acquired Grayson Mill Energy’s 175,000 acres in the Williston Basin, adding 50,000 boe/d to its production capacity.
Strengthened Devon’s foothold in the Bakken Shale, enhancing long-term growth.
Fact: Devon plans to invest $500 million in the assets’ development over the next five years.
8. Energy Transfer and Sunoco’s Joint Venture in the Permian Basin
- Value: $2.275 billion
- Date: November 6, 2024
Energy Transfer and Sunoco merged assets in the Permian Basin, combining pipeline networks and midstream facilities to optimize operations.
This joint venture enhances operational efficiency and competitiveness in the Permian.
Fact: The venture is expected to save $200 million annually in operational costs, according to insider reports.
9. Matador Resources’ Purchase of Ameredev II Parent
- Value: Nearly $2 billion
- Date: May 2024
Matador acquired 18,500 net acres in the Permian Basin, increasing its daily production by 32,000 boe/d.
The deal cemented Matador’s status as a rising star in the Permian.
Fact: Ameredev II’s assets are known for their high productivity and low operating costs, making this acquisition a strategic win.
10. Woodside Energy’s Acquisition of Tellurian Inc.
- Value: $1.2 billion
- Date: July 2024
Woodside acquired the Driftwood LNG facility, expanding its global LNG export capabilities and securing a foothold in the lucrative U.S. market.
Positioned Woodside as a stronger competitor in the global LNG sector.
Fact: Driftwood LNG is projected to process 27.6 million tons of LNG annually once operational.
Christmas Bonus #11: Shell's Strategic Offshore Investment in Nigeria
- Value: $5 billion
- Date: December, 2024
Shell has tied its new offshore investments in Nigeria to the approval of its onshore asset sale in the Niger Delta to Renaissance Africa Energy. Shell plans to invest $5 billion in the Bonga North project, a deepwater field off the Nigerian coast, which aligns with President Bola Tinubu's goal of attracting foreign capital.
Trends to Watch
2024 reminded us of the industry's adaptability and resilience. As we step into 2025, key trends to follow include:
- Continued consolidation among major players as companies position themselves for long-term growth.
- Technological breakthroughs in efficiency and sustainability, shaping the next chapter of energy production.
- A growing focus on LNG and international markets, underscoring the globalized nature of energy.
Our Wishes for You in 2025
At Rextag, we are incredibly grateful for your trust and partnership as your energy data provider. As we look to the new year, here are our three wishes for you:
- May 2025 bring success and innovation to your ventures, no matter where they lead.
- May your journey be filled with resilience and optimism, just like the industry we proudly serve.
- And may you find moments of joy, peace, and warmth surrounded by those you cherish most.
Merry Christmas and Happy New Year from all of us at Rextag! Thank you for being a part of our community. Let’s make 2025 another year to remember.
Article Tags
Chevron
CrownRock
Energy Transfer
ExxonMobil
Matador
Occidental
Permian Basin
Pioneer Natural Resources
Shell
Sunoco
CrownRock
Energy Transfer
ExxonMobil
Matador
Occidental
Permian Basin
Pioneer Natural Resources
Shell
Sunoco
Related Articles
