1Q2024 witnessed a record $51B in upstream M&A deals, primarily driven by the Permian Basin, surpassing 2023's $192B in U.S.

1Q2024 saw a record $51B in upstream M&A deals, primarily driven by the Permian Basin, surpassing the previous year's $192B in U.S. consolidation. However, deal activity slowed significantly in March and Q2, indicating a potential decline in momentum for the year. The Permian continues to be the primary M&A driver due to its high-quality drilling prospects and relatively low break-even costs of around $64 per barrel.

April 23, 2024
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