In the global oil & gas industry, there were 257 M&A deals announced in Q1 2024, worth a total value of $73.3bn, according to GlobalData’s Deals Database. The $26bn acquisition of Endeavor Energy Resources by Diamondback Energy was the industry’s largest disclosed deal. GlobalData’s Oil and Gas Industry Mergers and Acquisitions Deals report for Q1 2024 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, M&A activity decreased by 62% in Q1 2024 compared with the previous quarter’s total of $193bn and rose by 54% as compared to Q1 2023. Related deal volume decreased by 16% in Q1 2024 versus the previous quarter and was 44% lower than in Q1 2023.

Notably, foreign direct investments (fdi)-related deals accounted for a 31% share of the global oil & gas industry’s M&A activity in Q1 2024, up 22% over the previous quarter.

The top-ranked financial advisors supporting these M&A deals in Q1 2024 were Citigroup; Evercore; Royal Bank of Canada with 6, 5, 5 deals respectively.

The top-ranked legal advisors supporting these M&A deals in Q1 2024 were White & Case; Kirkland & Ellis; Latham & Watkins with 8, 6, 6 deals respectively.

For further understanding of GlobalData's Oil and Gas Industry Mergers and Acquisitions Deals by Top Themes in Q1 2024 – Thematic Intelligence, buy the report here.

This content was updated on 23 April 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.