U.S. Oil & Gas Deals, Mexico Gas Storage Plans: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CORPORATE
Enervus: U.S. Oil & Gas Upstream Deals Hit $105 Billion in 2024 - Dealmaking in the U.S. upstream oil and gas industry hit $105 billion in 2024, the third-highest annual total ever, but activity slowed in the second half as buyers found fewer targets to acquire, consultancy Enverus said on Wednesday. Last year's total deal value fell sharply behind the whopping $192 billion in mergers and acquisitions done in 2023, which included the $60 billion combination of Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas) and Pioneer Natural Resources. The Permian remained the most desirable acquisition target, but buyers are also looking further afield as opportunities there dry up, according to Enverus' report. (Reuters)

TERMINALS
Sources: Mexico to Speed Plans to Double Gas Storage Capacity - Mexico's government is looking to speed up plans to double its strategic natural gas storage capacity amid concern that U.S. President Donald Trump could use the country's dependence on U.S. gas as some form of leverage, three sources familiar with the matter told Reuters. Mexico, a net importer of natural gas, has just 2.4 days of natural gas storage capacity. The country is looking to increase its storage capacity to at least five days of domestic consumption in facilities such as salt caverns and depleted fields, two government sources and one industry source said. (Reuters)

CRUDE OIL
U.S. Crude Oil Stockpiles Grow - US crude oil inventories (excluding the Strategic Petroleum Reserve (SPR)) increased 3.463 million barrels for the week ending January 24. Gasoline inventories rose again, up 2.957 million barrels, and distillates were down 4.994 million barrels week-on-week. SPR inventories increased 200,000 barrels last week as part of the buy-back plan, according to the U.S. Energy Information Administration (EIA). SPR increases are expected to continue through May 2025 to satisfy previous purchase agreements. (IIR Energy)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).