2024 races to a record start with $51B in upstream M&A [Yahoo! Finance]
Diamondback Energy, Inc. (FANG)
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Source: Yahoo! Finance
CALGARY, AB April 23, 2024 /PRNewswire/ -- Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted generative AI and energy-dedicated SaaS company, is releasing its summary of 1Q24 upstream M&A activity. Following last year's blockbuster $192 billion in U.S. upstream consolidation, 1Q24 would be on track to surpass that record with $51 billion in announced deals. However, EIR is pumping the brakes on another record-setting year as deal activity has slowed significantly in March and Q2 appears to have already lost momentum. "Deals at the start of 2024 were driven by the same factors that led to last year's marathon of mergers, foremost among them a desire to lock up high-quality inventory when it is available," said Andrew Dittmar , principal analyst at EIR. "Most of that inventory is going to be found in the Permian, so it is unsurprising the prolific basin was yet again the primary driver for M&A within oil and gas." Headlining consolidation in Q1 was priv
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