The oil and gas industry in 2024 made global headlines with significant mergers and acquisitions (M&A), demonstrating strategic moves by companies to secure competitive advantages in a rapidly evolving energy landscape. While deal activity mirrored 2023’s consolidation trend, the total deal value dropped sharply, with the largest M&A of 2024 reaching $26 billion compared to the $60 billion peak of the previous year. Here’s a closer look at the major trends and notable deals that defined the year.

The oil and gas industry continually evolves with innovative drilling strategies and techniques aimed at optimizing resource recovery and operational efficiency. Two key concepts in modern hydrocarbon exploration and production are Cube Drilling and Stacked Plays. While both are critical to maximizing the economic and technical potential of reservoirs, they address different aspects of the exploration and development process.