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Business > Foreign Business
US oil, gas mergers jumped 57% in 2023
By Reuters
Aug 21, 2024 12:24 am

NEW YORK — Dealmaking activity in the oil and gas industry increased 57 percent last year as energy companies boosted development spending, driven by higher cash flows from profits in prior years, according to a report released on Tuesday.

Top energy companies spent $49.2 billion on mergers and acquisitions in 2023, up from $31.4 billion in 2022, according to a report from Ernst & Young (EY). The increase was mainly driven by mega deals among integrated oil and gas companies.

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