The aggregate value of mergers and acquisitions (M&A) in the Permian Basin has surpassed $100 billion this year with the recently announced $12 billion takeover by Occidental Petroleum Corp. (Oxy) of CrownRock LP, eclipsing the previous record of $65 billion set in 2019, according to new analysis by Wood Mackenzie. 

The Oxy-CrownRock deal followed ExxonMobil’s $59.5 billion acquisition of Pioneer Natural Resources Co. and Chevron Corp.’s $53 billion merger with Hess Corp.

Oxy’s deal “cements an absolute banner year in Permian acquisitions and divestments spend,” said Wood Mackenzie’s Robert Clarke, vice president of upstream research. “Coupled with other mega 2023 deals like ExxonMobil and Pioneer, it solidifies Permian scale and multi-decade longevity as a ‘must...