The ongoing consolidation in the upstream portion of the oil and gas industry has garnered a lot of attention, most recently regarding ExxonMobil’s planned $64.5 billion acquisition of Pioneer Natural Resources. The scrutiny these deals have been receiving makes sense, given the obvious significance of crude oil, natural gas and NGL production to the broader U.S. economy. But there’s also been a lot of M&A activity in the midstream space as the companies that gather, process, transport, store and export hydrocarbons seek to gain the scale, scope and synergies they think they will need to succeed in an increasingly competitive industry. In this new Drill Down Report, we discuss the major midstream deals of 2022 and 2023 to date.
In this Drill Down Report, we discuss each of the major midstream M&A deals of 2022 and 2023 to date in detail, noting the primary assets of both the acquiring company and the acquired one.
Key takeaways from the report include:
- Acquisitions can enable a broader range of services — and more destination optionality.
- M&A also allows companies to boost their asset base in key production areas.
- The all-important Permian Basin is, as expected, at the center of many deals.
- More acquisitions are likely, but recent M&A has been limiting the number of targets.
“Let’s Work Together” is included in RBN Energy’s 2023 Drill Down report series, a suite of reports covering many of the key issues expected to impact the markets for crude oil, natural gas and natural gas liquids. Drill Down reports are part of RBN Backstage Pass™ premium resources that also include Blog Archive Access, Spotcheck Indicators, Market Fundamentals Webcasts, Get-Togethers and more. By subscribing to RBN’s Backstage Pass™ Premium Services, you plug into our network and get direct access to our premium resources.