HOUSTON, Dec 26 Reuters The oil and gas industry went on a 250 billion buying spree in 2023, taking advantage of companies39; high stock prices to secure lowercost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation.

A surge in oil demand as world economies shook off the pandemic downturn has stoked acquirers39; enthusiasm. Exxon Mobil, Chevron Corp and Occidental Petroleum made acquisitions worth a total of 135 billion in 2023. ConocoPhillips completed two big deals in the last two years.

The grand prize in this dealmaking is the largest U.S. shaleoil field, the Permian Basin in west Texas and New Mexico. The four companies are now positioned to control about 58 of future production there.

Each aims to pump at least 1 million barrels per day bpd from the oilfield, which is expected to produce 7 million bpd by the end of 2027.

And more transactions are on the horizon. Threequarters of energy executives polled in December by the Federal Reserve Bank of Dallas expected more oil deals worth 50 billion or more to pop up in the next two years.

Endeavor Energy Partners, the largest privately held Permian shale producer, is exploring a sale that could further concentrate U.S. shale oil output.

Consolidation is actively changing the landscape, said Ryan Duman, director of Americas upstream research at energy consultancy Wood Mackenzie. A select few companies will determine whether production growth will be strong, more stable or…