The U.S. energy sector has entered a new phase of consolidation as the industry went on a $250-billion buying spree in 2023, and experts see more transactions on the horizon.

The majority of energy executives polled in December by the Federal Reserve Bank of Dallas expected more oil deals worth $50 billion or higher to pop up in the next two years. However, as a wave of consolidation sweeps the sector, the U.S. Federal Trade Commission has taken a sharper look at energy deals of late.

In 2023, some 39 private companies were acquired by public companies, Enverus data showed.