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Energy M&A update: Q4 2023

At the end of Q4 2023, US crude oil output hit a 3-year high, with production reaching 13.3MM barrels per day.

Energy and resources trends

  • Oil and gas
    In the EIA’s December 2023 Short Term Energy Outlook report, US natural gas prices closed at $2.80/MMBtu, down more than $0.60 from November’s forecast.1
  • Renewable energy
    The EIA’s December 2023 Short Term Energy Outlook report estimates US solar generation grew 15% in 2023 and predicts US solar generation will grow 39% in 2024.2
  • Power and utilities
    Net electricity generation in the US remained unchanged in November 2023 compared to November 2022, with decreases in coal power generation being offset by a shift to natural gas.3
  • Nuclear energy
    The director of the US government’s Gateway for Advanced Innovation in Nuclear announced that 13 states are conducting feasibility studies for an advanced nuclear project.4

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1US Energy Information Administration (EIA), Short-term energy outlook, December 2023.


3EIA, “Electricity Monthly Update,” December 2023.

4DOE, “At COP28, Countries Launch Declaration to Triple Nuclear Energy Capacity by 2050, Recognizing the Key Role of Nuclear Energy in Reaching Net Zero”, December 2023.

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