Reported 6 months ago
Oil and gas companies in the US have been aggressively engaging in consolidation activities amidst predictions that the trend will continue. With a significant increase in spending on mergers and acquisitions reaching $234 billion last year, driven by companies like ConocoPhillips and Marathon Oil, industry experts suggest that this wave of consolidation is a response to more than a decade of underinvestment due to political and regulatory uncertainties. Recent acquisitions include ExxonMobil's purchase of Pioneer Natural Resources and Chevron's acquisition of Hess Corporation, among others, with expectations of more M&A activities in the energy sector in the coming years according to a survey by the Federal Reserve Bank of Dallas.
Source: YAHOO