Analysis of the key themes driving M&A activity reveals that environmental sustainability accounted for 26 oil & gas deals announced in Q4 2023, worth a total value of $71.7bn. The $64.5bn acquisition of Pioneer Natural Resources by Exxon Mobil was the industry’s largest disclosed deal. GlobalData’s Oil and Gas Industry Mergers and Acquisitions Deals report for 2023 uncovers key trends behind the oil & gas market M&A deals and helps gain a comprehensive understanding of the disruptive themes driving most notable to deals. Buy the report here.

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In value terms, environmental sustainability-related deal activity increased by 12391% in Q4 2023 compared with the previous quarter’s total of $574m and rose by 1768% as compared to Q4 2022. Related deal volume increased by 189% in Q4 2023 versus the previous quarter and was 550% higher than in Q4 2022.

The top-ranked financial advisors supporting these M&A deals in Q4 2023 were Goldman Sachs Group; Morgan Stanley; Canadian Imperial Bank of Commerce with 2, 2, 1 deals respectively.

The top-ranked legal advisors supporting these M&A deals in Q4 2023 were Kirkland & Ellis; Vinson & Elkins; Dentons UK and Middle East with 4, 3, 2 deals respectively.

For further understanding of GlobalData's Oil and Gas Industry Mergers and Acquisitions Deals by Top Themes in 2023 – Thematic Intelligence, buy the report here.

This content was updated on 8 January 2024

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Deals Database tracks global deal activity, including mergers, acquisitions, capital raising, strategic alliances, and licensing agreements. Proprietary analysis is used to group deals into key thematic areas and granular sectors across the world’s largest industries.

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Deal type includes Acquisition, Asset transactions and Mergers.