2023年10月11日,埃克森美孚(ExxonMobil)宣布并购先锋自然资源(Pioneer Natural Resources),10月23日雪佛龙(Chevron)宣布并购赫斯(Hess),两笔交易充分体现了大型跨国石油公司聚焦油气勘探开发业务实现持续盈利增长的战略思维,以及立足既有业务并优选目标的并购策略。战略上,交易买方明晰油气生产商定位;策略上,依托并购做实未来增产基础。两笔并购交易均采用“全股票”对价支付方式,可有效降低运营成本和融资负担,交易双方主要机构投资者也呈现较高一致性。若顺利交割,埃克森美孚进一步夯实美国二叠盆地致密油资产,成为致密油领导者,利用短周期产量增强供应灵活性;雪佛龙则新增圭亚那世界级项目,在优化全球资产布局的同时,占据深水资源领先地位。结合分析结果，建议中国石油公司坚持价值理念,以战略思维完善海外业务发展顶层设计;注重策略活力,以创新思维探索特色国际油气合作模式;构建韧性组合,以系统思维评价海外油气项目投资机会。

On October 11,2023, ExxonMobil announced its merger with Pioneer Natural Resources, and on October 23, Chevron revealed its merger with Hess. These two transactions underscore the strategic perspective of two Oil Majors on oil and gas upstream business to achieve sustainable, profitable growth, as well as their M&A strategy of selecting preferred targets based on existing established business. Strategically, the buyers are clearly positioning themselves as oil and gas producers; tactically, the buyers are relying on M&A to build a solid foundation for future production growth. Both deals are structured as “all-stock” transactions, which can effectively lower operating costs and financial burdens. The major institutional holders on both sides of the transactions also showed a high degree of consistency. ExxonMobil is making every effort to consolidate tight oil assets in the U.S. Permian Basin to emerge as a tight oil leader, using short-cycle barrels to enhance the supply flexibility. Chevron, on the other hand, is securing a dominant position in deep-water resources, with the addition of a world-class project in Guyana to optimize global assets portfolio. Based on the analysis, it is recommended that Chinese oil companies should adhere to the value principle, improve the high-level design of overseas business development under strategic perspective; focus on strategic vitality to explore the unique international oil and gas cooperation model with innovative thinking; build a resilient portfolio, and systematically evaluate the investment opportunities of overseas oil and gas projects.