Biggest oil and gas sector deals since start of the century

U.S. oil and gas major Chevron CVX completed its $53 billion acquisition of Hess HHES on Friday, after it prevailed in a landmark legal battle against larger rival Exxon Mobil XOM to gain access to the biggest oil discovery in decades.

Chevron's acquisition of Hess will secure the company a 30% stake in Guyana's prolific Stabroek Block, making it one of the biggest deals in the oil and gas industry.

Mergers and acquisitions in the shale industry have drawn increased antitrust scrutiny, with the U.S. Federal Trade Commission reviewing several multi-billion dollar deals, including Chevron, Exxon Mobil XOM, Diamondback Energy FANG, Occidental Petroleum OXY and Expand Energy EXE, formerly known as Chesapeake Energy.

Here are the major deals in the global oil and gas sector since the 2000s:

2001

Chevron buys Texaco in a $39.5 billion deal and emerges as one of the largest energy firms in the world.

2002

Shareholders of Conoco and Phillips Petroleum, and the Federal Trade Commission approve an $18 billion merger between the companies and created the third-largest U.S. oil firm ConocoPhillips COP.

2005

Chevron agrees to buy California rival Unocal for about $16.4 billion after fighting off Italian oil group Eni ENI, China's CNOOC and other rumored suitors.

2006

ConocoPhillips acquires Burlington Resources in a $35.6 billion deal and gains access to lucrative positions in North American gas-rich basins.

2007

Norway's Statoil buys the oil and gas assets of Norsk Hydro for $30 billion to create a new energy firm, Equinor EQNR.

2010

Exxon Mobil acquires XTO Energy for about $30 billion in stock to bolster its position as a leading U.S. natural gas producer.

2012

Russia's state oil company Rosneft ROSN buys TNK-BP from UK-based BP BP. in a $55 billion deal.

Kinder Morgan KMI finalizes a $21 billion deal to buy El Paso Corp, combining the two largest natural gas pipeline operators.

2014

Kinder Morgan buys all of its publicly traded units (Kinder Morgan Energy Partners LP, Kinder Morgan Inc with Kinder Morgan Management and El Paso Pipeline Partners) in a $70 billion deal.

2015

Shell SHEL, which was then known as Royal Dutch Shell acquires British rival BG Group in a $70 billion deal.

2018

Marathon Petroleum MPC takes over rival Andeavor for $23 billion.

2019

Occidental Petroleum OXY acquires Anadarko Petroleum in a $38 billion deal.

2020

ConocoPhillips buys Concho Resources for $9.7 billion in 2020's top shale deal.

Saudi Aramco 2222 completes its purchase of a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion.

PipeChina takes over oil and gas pipelines, and storage facilities from PetroChina 601857 and Sinopec in a deal valued at $55.9 billion.

2021

Norway's Aker BP AKRBP buys Sweden's Lundin Energy in a $13.9 billion cash and stock deal to form Norway's second largest listed oil firm.

BHP Group BHP agrees to sell its petroleum business to Woodside Petroleum in a $28 billion merger to create an oil and gas producer with growth assets in Australia and the Americas now known as Woodside Energy WDS.

2023

Magellan Midstream Partners' unitholders vote in favor of its sale to larger rival ONEOK OKE for $18.8 billion, creating one of the largest U.S. energy pipeline companies.

Exxon Mobil agrees to buy Pioneer Natural Resources (PXD.N) in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production.

Chevron agrees to buy smaller rival Hess Corp in a $53 billion all-stock deal, putting the company head-to-head against rival Exxon Mobil in two of the world's fastest growing oil basins - shale and Guyana.

Occidental Petroleum OXY agrees to buy privately held CrownRock in a cash-and-stock deal valued at $12 billion, its biggest since the debt-laden acquisition of Anadarko Petroleum in 2019.

2024

Diamondback Energy FANG signs an agreement to acquire privately held rival Endeavor Energy Partners in a $26 billion cash-and-stock deal to boost its presence in the prolific Permian basin.