Insight
Global upstream M&A: 2024 review and outlook
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
There were 189 upstream deals agreed in 2024 for total disclosed spend of US$134 billion. Both figures were down year-on-year. Deal flow edged down 4.5% from 2023 – a third consecutive annual drop and the second-lowest annual deal count in two decades (behind only 2020). Disclosed spend fell more steeply (-42%). It was always going to be a near impossible task to match the mega-merger spend of 2023; but 2024 was still only the fourth time in the last decade that spend has surpassed US$130 billion.
Table of contents
- Executive summary
Tables and charts
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Global upstream deal countGlobal upstream deal spend
What's included
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