[Oil & Gas Observer] Upstream oil and gas companies reignite merger and integration wave

So far this year, global upstream oil and gas M&A activity has remained robust. According to Wood Mackenzie data, publicly disclosed upstream M&A transactions in Q1 totaled $55 billion—far exceeding the approximately $14.5 billion recorded in the same period in 2023, and approaching 1.7 times the average quarterly level over the past five years. From January to April, the total number of global upstream oil and gas M&A deals reached 55, with aggregate transaction value exceeding $56.7 billion. In terms of deal count, asset transactions dominated all deals, accounting for 46 transactions; in terms of transaction value, corporate-level M&A accounted for $50 billion—88% of the total transaction value; geographically, North America led with over $51.3 billion in transaction value, representing more than 90% of the global total, making it the most active region. Looking at trends over the past five years, corporate-level M&A has shown a marked upward trajectory, whereas asset-level transactions—both in number and total value—have declined. Optimizing and Concentrating Assets to Enhance Resource Control Currently, amid a challenging geopolitical environment and accelerating global energy system transformation, upstream oil and gas enterprises are placing increasing emphasis on economies of scale and synergistic resource utilization. They aim to continuously optimize business structures and asset portfolios through mergers and integration. In Europe, according to the Financial Times, UK-based independent oil company Ithaca Energy has reached an agreement with Eni to acquire Eni’s 11 upstream assets in the UK for £750 million. Both parties hold interests in blocks such as Elgin, Franklin, and Jade in the Central North Sea. It is estimated that by around 2030, the combined daily production of Ithaca Energy will reach 150,000 barrels of oil equivalent (boe/d)—more than double its 2023 average daily output. This will significantly strengthen Ithaca Energy’s reserves and production base in the North Sea and position it as one of the largest oil and gas producers in the region. In the United States, in February, independent exploration and production (E&P) company Chord Energy announced its acquisition of Canadian peer Enerplus for $11 billion in stock and cash. Upon completion, Chord Energy’s operated acreage in the Williston Basin will increase by 23% to 1.3 million acres. The two companies’ combined average daily production in Q4 2023 was 287,000 boe/d. A year earlier, Chord Energy had acquired 62,000 acres of developed oil and gas properties in the Williston Basin from ExxonMobil for $375 million. Danny Brown, President and CEO of Chord Energy, stated that this merger will create the largest E&P company in the Williston Basin. Additionally, several similar transactions have occurred in the Permian Basin. At the beginning of this year, shale oil and gas producer Diamondback Energy announced its acquisition of Endeavor Energy for $26 billion in cash and stock—the largest single transaction so far in 2024. The two companies currently produce a combined 816,000 barrels of shale oil per day. Local media report that the newly formed company will join ExxonMobil and Chevron as one of the top three U.S. oil and gas producers. Chesapeake Energy also issued a statement announcing its acquisition of rival Southwestern Energy to become the largest natural gas producer in the United States.

Suncor Energy Inc. (SU.US): Q4 2021 financial results show revenue of $8.851 billion

Suncor Energy Inc. (SU.US): Q4 2021 financial results showed revenue of $8.851 billion, up from $5.058 billion in the prior quarter and above the consensus estimate of $8.59 billion—surpassing market expectations by 3.04%. Earnings per share (EPS) were $0.71, compared to a loss of $0.07 in the prior quarter and below the consensus estimate of $0.78—missing expectations by 8.97%. Suncor Energy (SU.US) Company Profile: Suncor Energy Inc. is an integrated energy company engaged in developing petroleum resource basins. Its operations include oil sands development and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing. The company operates through the following business segments: Oil Sands; Exploration and Production; and Refining and Marketing. The Oil Sands segment encompasses operations in the Athabasca oil sands in Alberta, developing and producing synthetic crude oil and related products through mining and in-situ bitumen recovery and upgrading. The Exploration and Production segment includes offshore activities off Canada’s East Coast, as well as exploration and production of crude oil and natural gas in the UK, Norway, Libya, and Syria, along with exploration and production of natural gas and natural gas liquids in Western Canada.

Suncor to sell Canadian offshore assets to Ithaca for $1.08 billion

Oct 4, 2026

Suncor Energy agreed to sell its interests in three Canadian offshore oil assets to Ithaca Energy for C$1.2 billion upfront plus up to C$350 million in contingent payments.

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Suncor to sell Canadian offshore assets to Ithaca for $1.08 billion

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