Shifting from shareholder returns to expansion! US oil and gas M&A activities increased by 57% year-on-year last year

American energy companies accelerated their merger and acquisition activities during the period of high oil prices, with the total value of M&A transactions reaching $49.2 billion last year, a year-on-year increase of 57%. Despite a decrease in dividends and stock buyback expenditures to $28.9 billion, the company's investment expansion strategy has shifted, with continued M&A activities expected over the next two years. Exploration and development expenditures increased to $93.1 billion last year, industry consolidation is accelerating, and total expenditures are projected to reach $142.3 billion in 2023. Despite facing falling oil prices, industry giants such as Chevron and Exxon Mobil are still actively expanding