2024 races to a record start with $51B in upstream M&A
Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted generative AI and energy-dedicated SaaS company, is releasing its summary of 1Q24 upstream M&A activity. Following last year’s blockbuster $192 billion in U.S. upstream consolidation, 1Q24 would be on track to surpass that record with $51 billion in announced deals. However, EIR is pumping the brakes on another record-setting year as deal activity has slowed significantly in March and Q2 appears to have already lost momentum.
The Hype and the Realities of CCUS
The Enverus Intelligence® Research (EIR) Subsurface Innovation Team attended AAPG’s CCUS 2024 conference in Houston March 11-13. The conference, which also brought together SPE and SEG membership, hyped up the need for CCUS to offset the demand for fossil fuels, which according to our forecast is expected to grow from 103 MMbbl/d in 2024 to 108 MMbbl/d by 2030.
Mewbourne-led Cleveland activity jump bucks Anadarko trend
E&P activity targeting the Cleveland formation in the Anadarko Basin more than doubled in 2023 with 46 new wells reaching first production, compared to 20 in 2022 and similar levels the previous two years.
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