Biggest Oil and Gas Sector Deals since Start of the Century
U.S. energy major Exxon Mobil said it would acquire Pioneer Natural Resources in a deal valued at $59.5 billion to more than double the company’s presence in the Permian Basin, the largest shale play in the U.S.
Once completed, it would be Exxon’s biggest acquisition since its $81 billion deal for Mobil in 1998.
Here are the major deals in the global oil and gas sector since the 2000s:
2001
Chevron buys Texaco in a $39.5 billion deal and emerges as one of the largest energy firms in the world.
2002
Shareholders of Conoco and Phillips Petroleum, and the Federal Trade Commission approve an $18 billion merger between the companies and created the third-largest U.S. oil firm ConocoPhillips.
2005
Chevron agrees to buy California rival Unocal for about $16.4 billion after fighting off Italian oil group Eni, CNOOC and other rumored suitors.
2006
ConocoPhillips acquires Burlington Resources in a $35.6 billion deal and gains access to lucrative positions in North American gas-rich basins. 2007
Norway’s Statoil buys the oil and gas assets of Norsk Hydro for $30 billion to create a new energy firm, Equinor.
2010
Exxon Mobil acquires XTO Energy for about $30 billion in stock to bolster its position as a leading U.S. natural gas producer.
2012
Russia’s state oil company Rosneft buys TNK-BP from UK-based BP in a $55 billion deal.
Kinder Morgan finalizes a $21 billion deal to buy El Paso Corp, combining the two largest natural gas pipeline operators.
2014
Kinder Morgan buys all of its publicly traded units (Kinder Morgan Energy Partners LP, Kinder Morgan Inc with Kinder Morgan Management and El Paso Pipeline Partners) under one roof in a $70 billion deal.
2015
Shell (then Royal Dutch Shell) acquires British rival BG Group in a $70 billion deal.
2018
Marathon Petroleum takes over rival Andeavor for $23 billion.
2019
Occidental Petroleum acquires Anadarko Petroleum in a $38 billion deal.
2020
ConocoPhillips buys Concho Resources for $9.7 billion in 2020’s top shale deal.
Saudi Aramco completes its purchase of a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion.
PipeChina takes over oil and gas pipelines, and storage facilities from PetroChina and Sinopec in a deal valued at $55.9 billion. 2021
Norway’s Aker BP buys Sweden’s Lundin Energy in a $13.9 billion cash and stock deal, to form Norway’s second largest listed oil firm.
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BHP Group agrees to sell its petroleum business to Woodside Petroleum in a merger to create an oil and gas producer worth $28 billion with growth assets in Australia and the Americas.
2023
Magellan Midstream Partners’ unitholders vote in favor of its sale to larger rival ONEOK for $18.8 billion, creating one of the largest U.S. energy pipeline companies.
