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In the face of the potential for high earnings from such deals, global mergers and acquisitions (M&A) activity has been sluggish this year. The slowdown is due to increased regulatory scrutiny, high-interest rates, and market volatility. M&A volumes in the first nine months of 2023 reached a decade-low of $2.1 trillion. This is despite the fact that Exxon’s revenue for the last twelve months was reported at 367.98B USD, with a growth of 3.67%.
Among the key players in this landscape is Denver-based Petrie, headed by Tom Petrie. Petrie was once part of Petrie Parkman & Co. before being acquired by Merrill Lynch and later separated from Bank of America in 2011. Petrie has advised on over $250 billion in energy deals, including initiatives for Saudi Arabia, the State of Alaska, and the U.S. Department of Energy. Key personnel at Petrie include Andrew Rapp, Mike Bock, and Jon Hughes.
InvestingPro Tips also highlights that Exxon has a perfect Piotroski Score of 9, indicating strong financial health and profitability. This is further echoed by the fact that 11 analysts have revised their earnings upwards for the upcoming period. For more insights like these, readers can explore InvestingPro’s subscription plans which offer a plethora of additional tips.
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