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The Next Wave of Consolidation: Navigating M&A and Strategic Divestitures in U.S. Oil and Gas

Expert Insight

The Oil and Gas (O&G) industry, particularly in the United States, is currently witnessing a historic merger and acquisition (M&A) frenzy. In the first quarter of 2024, the sector recorded 251 deals globally with a disclosed value of USD 101 billion, despite a global 7% decrease in the number of announced deals and a 48% reduction in total disclosed value compared to the previous quarter.

Phillips 66 Advances in the Permian Basin with Strategic Pinnacle Midstream Purchase

Expert Insight

In a continuation of the oil and gas industry’s trend toward mega-consolidation, Phillips 66 (NYSE: PSX) announced a significant enhancement to its Midstream operations with the acquisition of Pinnacle Midland Parent LLC (Pinnacle) from Energy Spectrum Capital for $550 million in cash. This move extends the consolidation trend into the Midstream and Downstream sectors, with Phillips 66 strategically positioning itself in the heart of the Permian Basin.