A&D Minute (Oct. 26, 2022): Upstream Oil and Gas M&A Storms Back [WATCH]

This is your Hart Energy A&D Minute with Jordan Soto and powered by Executive Oil Conference.

Upstream oil and gas M&A stormed back in the third quarter with $16 billion in announced transactions—the year’s strongest showing after a hit-and-miss first half.

Tudor, Pickering, Holt & Co. analyst Matt Portillo noted that: “Since 2021, the public universe has taken out some notable privates in both oil and gas basins.”

And he expects private-to-public consolidation to continue in 2023 as “private operators have started to reach free cash flow inflection points that could allow for further deals to occur.”

Deals this past week include:

• The sale of Exxon Mobil’s Montana oil refinery for $310 million to Houston-based Par Pacific.
• And Danish energy firm Ørsted sold a $410 million stake in U.S. wind and solar projects to private equity firm Energy Capital Partners.

That’s your Hart Energy A&D Minute powered by Executive Oil Conference—gain insight into global energy security, inflation plus the latest trends and technologies Nov. 15 and 16 in Midland, Texas.

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