Merger Mania Drives 2020 Upstream M&A Resurgence

Austin, Texas (January 6, 2021) — Enverus, the leading energy SaaS and data analytics company, is releasing its summary of Q4 and Full Year 2020 U.S. upstream M&A. After an anemic start, 2020 upstream M&A accelerated dramatically in the second half of the year as a challenging economic backdrop spurred a wave of industry consolidation. Activity crested in Q4 with three multi-billion-dollar mergers centered on the oil-rich Permian Basin driving the quarter’s total value to $27 billion, the third most active quarter by value since oil prices lost their footing in late 2014. The biggest deal of the fourth quarter and 2020 was ConocoPhillips’ $13.3 billion acquisition of Concho Resources, one of the best-positioned, largest independent producers in the Permian. That deal, the biggest pure shale acquisition by any company since 2011, vaulted the Permian from a potential weak point in Conoco’s portfolio to a cornerstone of its global strategy. On the heels of that merger, Pioneer Natural Resources announced its own maneuver to roll up Parsley Energy for $7.6 billion, giving it combined control of nearly 1 million acres across the Midland and Delaware sub-basins. Finally, Diamondback Energy nabbed publicly traded QEP and private equity-sponsored Guidon Operating for just… continue reading

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Source: CTRM Center

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