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.