Insight
Global upstream M&A: 2024 review and outlook
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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
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