Insight

Global upstream M&A: 2024 review and outlook

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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

This report includes the following images and tables:

  • Global upstream deal count
  • Global upstream deal spend

What's included

This report contains:

  • Document

    Full Year 2024 Review And Outlook.pdf

    PDF 2.73 MB