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TIMELINE-Biggest oil and gas sector deals since start of the century
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TIMELINE-Biggest oil and gas sector deals since start of the century
Jul 18, 2025 6:23 AM

(Adds Chevron's $53 billion acquisition of Hess)

July 18 (Reuters) -

U.S. oil and gas major Chevron ( CVX ) completed its $53

billion acquisition of Hess on Friday, after it

prevailed

in a landmark legal battle against larger rival Exxon Mobil

to gain access to the biggest oil discovery in decades.

Chevron's ( CVX ) 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 ( CVX ), Exxon Mobil, 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 ( CVX ) 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 ( CVX ) agrees to buy California rival Unocal for about

$16.4 billion after fighting off Italian oil group Eni,

China's CNOOC and other rumored suitors.

2006

ConocoPhillips ( COP ) 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 ( NHYKF )

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 buys TNK-BP

from UK-based 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 ( KMI ) buys all of its publicly traded units (Kinder

Morgan Energy Partners LP, Kinder Morgan Inc ( KMI ) with Kinder Morgan

Management and El Paso Pipeline Partners) in a $70 billion deal.

2015

Shell, 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 ( COP ) buys Concho Resources for $9.7 billion in

2020's top shale deal.

Saudi Aramco 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 and Sinopec in a deal

valued at $55.9 billion.

2021

Norway's Aker BP ( AKRBF ) 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

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 ( CVX ) agrees to buy smaller rival Hess Corp ( HES ) 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.

(Reporting by Seher Dareen, Sourasis Bose, Roshia Sabu, Pooja

Menon and Vallari Srivastava in Bengaluru; Editing by Shinjini

Ganguli, Jamie Freed, Arun Koyyur and Anil D'Silva)

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