In this edition of our Global Oil and Gas M&A Outlook, we examine and evaluate current trends for commodities prices, leading sector indicators, valuation developments, M&A deals conducted and developments on featured specialty subsectors during Q3 2024.

Top Insights

The U.S. recorded 76 transactions with a disclosed value of USD 21bn, accounting for 34% of global deals and 28% of total disclosed global value.
This quarter was marked by substantial non-U.S. activity, notably SK’s USD 26bn portfolio rebalancing in South Korea and Saudi Aramco’s USD 11.6bn acquisition of the Petro Rabigh refinery in Saudi Arabia.
The LNG trade flows experienced a volume increase of 1.9%, reaching 101.6 MMt. Despite this growth, supply pressures persist, mainly because investment decisions in the U.S. are being postponed as companies are waiting for clearer regulatory guidance on LNG export permits following the U.S. elections.
In Q3 2024, M&A deals declined while the disclosed value increased, with 222 transactions totaling USD 75bn being recorded. This contrasts with Q2 2024, which registered 240 announced deals with a disclosed value of USD 67bn.

Global Oil and Gas M&A Outlook–Q3 2024

The Kroll Oil and Gas team understands the idiosyncrasies of the global sector and offers following knowledge through this report. (i) Project and structured commodity finance advisory and asset-based lending advisory. (ii) Joint venture audits, financial joint venture management and preparation of cost certificates. (iii) Valuation of Exploration & Production assets, commercial contracts, etc. and (iv) Development or tariff/rate models for midstream and downstream assets.

We hope you find this report helpful in understanding the current trends in the global oil and gas sector. If you would like to receive further information or discuss any of the findings, please contact us.


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