Oil, gas deal tracker: August merger value up YOY despite fewer transactions

Despite a drop in the number of whole-company and minority stake deals announced in the oil and gas industry in August, the combined value of the 18 deals was slightly higher than that of the 26 transactions in the same month last year.

The combined value of August deals came in at $14.68 billion, compared with $13.54 billion in 2022, according to S&P Global Market Intelligence data.

Asset transactions followed a similar trend. A total of 14 asset transactions valued $2.03 billion in the aggregate were announced in August, compared with 33 deals valued at $1.86 billion in the year before.

Largest whole-company, minority-stake deal in August 2023

Dealmaking activity continued to be strong in the oil and gas industry with two new multibillion-dollar deals in August. Both deals are all-stock transactions.

The largest was Energy Transfer LP's acquisition of Crestwood Equity Partners LP in a deal valued at $8.93 billion. Crestwood common unit holders will get 2.07 Energy Transfer common units for every Crestwood common unit, giving them about 6.5% of Energy Transfer's outstanding common units after the transaction closes.

The second-largest deal was Permian Resources Corp.'s $4.39 billion purchase of Earthstone Energy Inc. Each share of Earthstone common stock will be exchanged for 1.446 shares of Permian Resources common stock.

– Use our Transactions Statistics page to run a custom screen of M&A transactions. – Visit our M&A Replay page to view more data on other M&A deals.

Largest asset deal in August 2023

Woodside Energy Group Ltd.'s $880 million sale of a 10% stake in the Scarborough gas project in Australia to LJ Scarborough Pty. Ltd. ranked first among oil and gas asset deals in August. Woodside will stay on as the project's operator.

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