Energy sector M&A hits $400b in 2024: report

Mergers and acquisitions in the industry reached a new record.

The energy sector saw more than $400b in acquisitions last year, reaching a three-year high, according to Bain & Company.

In its latest Global M&A Report 2025, Bain said there were more than 10 megadeals, the biggest of which was the Diamondback Energy and Endeavor Energy Resources merger. There were midsize deals, such as Chord Energy and Enerplus.

The report said the sector saw a shift toward scale deals, which comprised 86% of strategic M&A in excess of $1b.

Overall, deal value in the energy and natural resources industries rose by 2%, and volume grew by 4% during the first 10 months of 2024 over the same period last year.