Is US$100 billion enough to consolidate the Permian?

Permian M&A shattered records last year, with total spend eclipsing US$100 billion. ExxonMobil’s blockbuster US$65 billion acquisition of Pioneer stole the headlines. But the region was on track to surpass prior peaks even without that deal. In this insight, we take a look at the latest wave of Permian consolidation and put last year’s M&A activity into context. But what’s next – will big buyers buy again? Or what might motivate some new sellers? There’s good reason to believe the growing ‘scarcity’ narrative will only continue.