ENERGY ADVISORS RESEARCH

A&D PERSPECTIVES (MEDIA VERSION)

Quick 9 Pages of The Full 32 Page Report

ONE FOR THE RECORD BOOK - 4Q 2023

$143.9B in 4Q - Up from $14.1B in 3Q23

Only 15 4Q Deals - Down from 19 in 3Q23

2 Mega Deals in Q4 Skew Deal Value

$191.7B in 2023, Up from $58.2B in 2022

Just 71 Deals In 2023-Down from 116 in 2022

Midland Basin White Hot - $78.6B in 4Q

HIGH VALUE TRADED. LOW DEAL COUNT.

P/E: $32B in Exits vs. $3.5B in Buys in 2023

P/E Funds Reloading in 2023 - Target ~$17B

2024 to Bring Higher Deal Activity

Trickle Down, Nat Gas, P/E, Consolidation

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