- Tripadvisor and Starboard Value Enter into Cooperation Agreement
Mar 23, 2026
Two Independent Directors Appointed to the Board Immediately
Two Additional Directors to Join the Board at the 2026 Annual Meeting
NEEDHAM, Mass., March 23, 2026 /PRNewswire/ -- Tripadvisor, Inc. (NASDAQ: TRIP) today announced that it has entered into a cooperation agreement with Starboard Value LP ("Starboard") under which four new directors will be joining Tripadvisor's Board of Directors (the "Board") to support the Company's value creation efforts.
Pursuant to the cooperation agreement, Dhiren Fonseca and Andrew F. Cates have been appointed to the Board, effective immediately. Starboard will recommend two additional directors for election at Tripadvisor's 2026 Annual Meeting of Stockholders.
Greg Maffei, Chairman of Tripadvisor, said, "We are pleased to have reached a constructive resolution with Starboard and to welcome Dhiren and Andy to the Board. Their perspectives and experience will be valuable as we continue executing our strategy. We are grateful for Starboard's engagement throughout this process and look forward to working together as we focus on driving long-term value for shareholders."
Jeff Smith, Managing Member, Chief Executive Officer, and Chief Investment Officer of Starboard, said, "We invested in Tripadvisor based on our view that the Company has a tremendous opportunity as a global leader in online travel with an unparalleled brand, strong user loyalty, and three market-leading businesses. We appreciate the collaborative approach taken by Tripadvisor's Board and management team, and we believe Dhiren and Andy, along with the two directors joining the Board at the Annual Meeting, will be great additions to the Board. Dhiren and Andy bring valuable experience and fresh perspectives that will help Tripadvisor's Board oversee the Company's strategy with a clear focus on creating shareholder value."
With the appointments of Mr. Fonseca and Mr. Cates, the Board will expand from eight to ten directors and will remain at ten directors following the 2026 Annual Meeting. In connection with the cooperation agreement, Starboard will not nominate a slate of director candidates and will vote all its shares in favor of each of Tripadvisor's Board nominees at the 2026 Annual Meeting. Starboard has also agreed to customary standstill, voting and other provisions. A full copy of the cooperation agreement will be filed by the Company with the U.S. Securities and Exchange Commission in a Current Report on Form 8-K.
Dhiren R. Fonseca Dhiren R. Fonseca, age 61, has served as Executive Chairman of Rent the Runway, Inc. (NASDAQ: RENT), an American e-commerce platform, since October 2025. Additionally, Mr. Fonseca has served as an Advisor to each of TPG Global, LLC, a private equity firm, since May 2025, GetPica Group S.p.A, an AI content delivery platform, since January 2023 and Certares LP, a firm specializing in investments in the travel, transportation, hospitality and payments sectors, since 2018, where he also served as a Partner from 2014 to 2018. Previously, Mr. Fonseca served as Chief Executive Officer and President of RentPath, Inc., an online marketplace for residential apartment rentals, from December 2020 to April 2021, where he also served as a member of its Board of Directors from 2014 to April 2021. Prior to that, Mr. Fonseca served in various roles of increasing responsibility at Expedia, Inc. (n/k/a Expedia Group, Inc.) (NASDAQ: EXPE) ("Expedia"), an online travel company, including as Chief Commercial Officer from 2012 to 2014, Co-President, Partner Services Group from 2009 to 2012, Senior Vice President, Corporate Development from 2006 to 2009, and Vice President, Corporate Development from 2004 to 2006, after initially joining Expedia in 1995. Prior to Expedia, Mr. Fonseca held multiple roles in product management and corporate technical sales at Microsoft Corporation (NASDAQ: MSFT) ("Microsoft"), a provider of software, services and solutions, where he was a member of the management team responsible for creating Expedia.com in 1995, while still part of Microsoft. Mr. Fonseca has served as a member of the Board of Directors at DRF Logistics, LLC, a shipping company, since June 2024. Previously, he served as a member of the Boards of Directors of Alaska Air Group, Inc. (NYSE: ALK), an American airliner, from 2014 to May 2024, Rackspace Technology, Inc. (NASDAQ: RXT), a cloud computing company, from 2016 to June 2023, Osiris Acquisition Corp (formerly NYSE: OSI), a special purposes acquisition company, from May 2021 to May 2023, Wilbur-Ellis, an international marketer and distributor of agricultural products, specialty chemicals, and ingredients, from October 2024 to August 2025, Cynosure Inc., a leading provider, innovator, developer, and best-in-class creator of energy based aesthetic and medical treatment systems, from July 2023 to March 2024, Inmar Inc., a leading solutions provider and partner in facilitating and optimizing workflows for retailers, manufacturers, pharmacies, hospitals and other trading partners, from April 2023 to November 2023, Redbox Automated Retail, LLC, a video rental and streaming media company, from 2018 to October 2021, Diamond Resorts International, Inc., an independent timeshare and vacation ownership company, from 2018 to August 2021, HotelTonight, LLC, an online hotel booking service company, from 2018 to 2019, Caesars Acquisition Company (formerly NASDAQ: CACQ), a company that was formed to make an equity investment in the entertainment sector, from 2013 to 2017, and eLong, Inc. (formerly NASDAQ: LONG), an online travel service provider based in China, from 2011 to 2015.
Story Continues
Andrew F. Cates Andrew F. Cates, age 55, has served as the Managing Member of Value Acquisition Fund LLC, an acquisition, development, and asset management company, since founding the company in 2005. Additionally, Mr. Cates has served as Chief Executive Officer and General Partner of RVC Outdoor Destinations, the leading developer and owner of high-quality outdoor resorts in the U.S., since founding the company in 2007. Previously, Mr. Cates served as a member of the Boards of Directors of Pioneer Natural Resources (formerly NYSE: PXD), an upstream energy company, from 2009 to October 2020, where he served on the Audit and Compensation Committees, and PICO Holdings Inc. (formerly NASDAQ: PICO), a U.S. based diversified holding company, from 2016 to 2017, where he also served on the Audit and Compensation Committees. In 1999, Mr. Cates founded the Soulsville Revitalization Project, one of the largest inner city revitalization projects in the United States that includes The Stax Museum, Soulsville Charter School, and Stax Music Academy, where he served as the Founding Chairman and Project Developer for more than a decade. Prior to developing the Soulsville Revitalization Project, he was the Founding Partner of Viceroy Investments, LLC, a commercial real estate investment firm located in Dallas, Texas. Mr. Cates began his real estate career as a member responsible for partnership and loan workouts, office and industrial acquisitions, asset management, and commercial real estate development at Crow Family Holdings (f/k/a Crow Investment Trust), a privately held real estate investment and development firm based in Dallas, Texas. Mr. Cates currently serves as Board Chairman of Memphis Fourth Estate, Inc., which created and oversees the Daily Memphian, a large locally oriented digital newspaper, since 2018. He also currently serves as a member of the Board of Advisors at Myelin Repair Foundation, which assists in identifying biomarkers to help accelerate myelin repair treatments, since 2005. Previously, Mr. Cates served as a member of the Board of Trustees at Memphis University School, a college-preparatory school in Memphis, Tennessee, from 2018 to 2025. Mr. Cates earned a B.B.A. in Finance at the University of Texas at Austin.
About Tripadvisor, Inc. The Tripadvisor Group connects people to experiences worth sharing and aims to be the world's most trusted source for travel and experiences. We leverage our brands, technology, and capabilities to connect our global audience with partners through rich content, travel guidance, and two-sided marketplaces for experiences, restaurants, and other travel categories such as hotels. The subsidiaries of Tripadvisor, Inc. (Nasdaq: TRIP), include a portfolio of travel brands and businesses, including Tripadvisor, Viator, and TheFork.
About Starboard Value LP Starboard Value LP is an investment adviser with a focused and fundamental approach to investing in publicly traded companies. Starboard seeks to invest in deeply undervalued companies and actively engage with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Safe Harbor Statement Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including, but not limited to, those risks, uncertainties and factors detailed in Tripadvisor's filings with the SEC. Tripadvisor is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
TRIP-GCision
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- The Real-Life "Landman" Story Unfolds in West Texas:
Oct 28, 2025
Pony Oil Battles Exxon and Pioneer in $500 Million Top-Lease Showdown
DALLAS, TEXAS / ACCESS Newswire / October 28, 2025 / Following a featured appearance on Tim Pawul's Minerals & Royalties Podcast, one of the most influential platforms in the energy and investment community, John Paul Merritt, CEO of Pony Oil, is drawing national attention to a $500 million Permian Basin lawsuit that could redefine how ExxonMobil, Pioneer Natural Resources, and other oil majors manage mineral rights and reserve accounting. The episode, titled "Battling Pioneer/Exxon in a $500MM+ Top-Lease Lawsuit,"explores what Merritt calls "the real-life version of Landman" - a true story now unfolding in West Texas.
Listen here: https://podcasts.apple.com/us/podcast/a-real-life-landman-story-battling-pioneer-exxon-in/id1502759760?i=1000733866172
At the center of the dispute is a top-lease in Martin County, Texas, a contested tract in the heart of the Permian Basin, the world's most productive oil field. The case pits independent mineral investors against corporate operators, highlighting the ongoing struggle between private ownership and industrial consolidation in U.S. energy production.
Pony Oil filed a motion for sanctions, alleging that Pioneer employees made statements under oath that they should not have and withheld critical documents central to the dispute. The company withheld information for years that took just four days to produce once they were ultimately forced by a judge. The motion, now before a West Texas judge, could have sweeping implications for how the industry handles transparency, title obligations, and the boundaries of fair competition in mineral leasing and could have major implications on reserve reporting and SEC disclosures across the oil and gas sector.
As podcast host Tim Pawul noted during the episode, "It's a can of worms scenario, right? If they have a certain percentage of their leases that falls in this category, they're booking those reserves and that affects their share price."
"This case isn't about headlines, it's about the truth coming to light," said John Paul Merritt, CEO of Pony Oil. "What's happening here is the real-life version of Landman - except it's not Hollywood. It's West Texas, and the outcome will set a precedent for how these battles are fought in the future. In my opinion, there are some major issues with certain old-guard oil and gas companies that have historically played dirty to protect their leases, no matter what state they were in. That dinosaur of an attitude is long overdue for extinction. If we are successful at trial, which I believe the data weighs heavily in our favor, then, in my opinion, it's going to beg a major question for Pioneer, and ultimately for Exxon: What else do you not own?"
Story Continues
The hearing on the motion for sanctions is expected to take place in the coming weeks in Big Spring, Texas, then it moves to trial. Industry observers are watching closely, calling the case one of the most consequential energy-sector lawsuits to emerge from the Permian Basin in decades.
For media inquiries, please contact:
jpm@ponyoil.com
www.ponyoil.com
Contact Information
John Paul Merritt
CEO and President
jpm@ponyoil.com
4052032699.
SOURCE: Pony Oil
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- U.S. Oil & Gas Market Size to Worth USD 2.24 Trillion by 2034
Oct 3, 2025
Ottawa, Oct. 03, 2025 (GLOBE NEWSWIRE) -- The global U.S. oil & gas market size was estimated at USD 1.55 trillion in 2024 and is expected to hit around USD 2.24 trillion by 2034, growing at a compound annual growth rate (CAGR) of 3.75 % over the forecast period from 2025 to 2034. A study published by Towards Chemical and Materials a sister firm of Precedence Research.
The Rising domestic energy demand particularly from transportation and industrial sectors is driving increased production and investment the market.
According to Towards Chemical and Materials the new market research report, the U.S. oil & gas market volume was reached 46.50 billion barrels of oils equi. in 2024 and is expected to be worth around 54.12 billion barrels of oils equi. by 2034, growing at a compound annual growth rate (CAGR) of 1.53% over the forecast period 2025 to 2034.
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U.S. Oil & Gas Market Overview:
The U.S. oil & gas market encompasses the full hydrocarbon value chain from exploration and production through refining, transportation, storage, and distribution and is driven by a combination of its vast shale resources, advanced extraction technologies, and growing global export orientation. Domestically, strong energy demand from transportation, industrial, and power sectors underpins consistent consumption, while investments in infrastructure like pipelines, LNG terminals, and storage capacity facilitate both internal supply flows and international trade. The prominence of unconventional techniques such as horizontal drilling and hydraulic fracturing has unlocked extensive reserves across key basins, while onshore deployment remains the backbone of operations given its lower cost and infrastructure advantages. At the same time, the industry is embracing digital solutions, such as AI, predictive maintenance, and operational automation, to optimize production, reduce downtime, and manage environmental constraints. The U.S. also positions itself as a major exporter of natural gas and oil products, leveraging favourable policies, a mature regulatory framework, and robust logistics networks to compete in global market.
U.S. Oil & Gas Market Report Highlights
South held a 51% share in the U.S. oil & gas market in 2024 due to the strong presence of large reserves of oil & gas.By sector, the upstream segment held a 50% share in the market in 2024 due to the increasing investment in the energy sector.By resource type, the natural gas segment held a 54% share in the market in 2024 due to the well-established pipeline network.By extraction technique, the unconventional segment held a 65% share in the market in 2024 due to the increasing export of LNG.By end-use, the transportation segment held a 42% share in the U.S. oil & gas market in 2024 due to the growing modes of transportation.By deployment, the Permian Basin segment held a 44% share in the market in 2024 due to the well-established transportation infrastructure.By technology, the hydraulic fracturing segment held a 41% share in the market in 2024 due to the shorter production cycle.By distribution, the integrated oil companies segment held a 47% share in the market in 2024 due to the growing investment in research & development.
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U.S. Oil & Gas Market Report Scope
Report AttributeDetailsMarket size value in 2026USD 1.67 trillionRevenue forecast in 2034USD 2.24 trillionGrowth rateCAGR of 3.75% from 2025 to 2034Base year for estimation2024Historical data2021 - 2024Forecast period2025 - 2034Segments coveredBy Sector, By Resource Type, By Extraction Technique, By End Use, By Deployment Type, By Technology, By Distribution Channel, By RegionKey companies profiledExxonMobil Corporation, Chevron Corporation, ConocoPhillips, Occidental Petroleum (Oxy), EOG Resources, Inc., Pioneer Natural Resources, Devon Energy Corporation, Marathon Petroleum Corporation, Phillips 66, Valero Energy Corporation, Kinder Morgan, Inc., Williams Companies, Inc., Hess Corporation, Chesapeake Energy Corporation, Antero Resources Corporation, Diamondback Energy, Inc., Halliburton Company, Schlumberger Ltd. (U.S. Operations), Baker Hughes Company, Tellurian Inc. (LNG Developer/Exporter)
For more information, visit the Towards Chemical and Materials website or email the team at sales@towardschemandmaterials.com| +1 804 441 9344
Here Are Some Of The Top Products In The U.S. Oil & Gas Market
Gasoline (Motor Gasoline)- Primary fuel for cars and light-duty vehicles; largest petroleum product consumed.Diesel Fuel (Distillate Fuel)- Used in trucks, buses, trains, industrial equipment, and heating.Natural Gas- Used for electricity generation, heating, and industrial processes.Jet Fuel (Kerosene-Type)- Fuel for commercial and military aircraft.Liquefied Petroleum Gas (LPG)- Includes propane and butane; used in heating, cooking, and as a petrochemical feedstock.Residual Fuel Oil- Heavy oil used in ships, power plants, and industry.Petrochemical Feedstocks- Used to make plastics, fertilizers, solvents, etc. (e.g., ethane, naphtha).Asphalt and Road Oil- Used in paving roads and roofing materials.Lubricants- Oils used to reduce friction in engines and machinery.Coke (Petroleum Coke)- Solid byproduct used in industrial applications like steel and cement production.
What Are The Major Trends In The U.S. Oil & Gas Market?
Rise in LNG exports is reshaping the supply side with growing international demand.Increasing adoption of AI, predictive maintenance, digitalization is boosting operational efficiency across assets.Expansion of offshore exploration is gaining more attention as companies push into deeper and more challenging reserves.Growing demand for petrochemical feedstocks is driving upstream and midstream integration and infrastructure development.Independent producers are rapidly embracing new technologies and agile practices, intensifying competition in distribution.
How Does AI Influence The Growth Of The U.S. Oil & Gas Market In 2025?
AI is reshaping the U.S. oil & gas market in 2025 by transforming how assets are monitored, resources are extracted, and logistics are coordinated across the value chain. Intelligent algorithms are now deeply embedded into drilling operations, allowing operators o analyse subsurface conditions in real time and precisely adjust extraction strategies without manual intervention. Refining facilities are increasingly governed by automated control systems capable of learning from historical performance patterns, reducing inefficiencies and stabilizing output even under fluctuating operations conditions. In the midstream segment, AI driven surveillance tools continuously scan for leak indicators, pressure irregularities, and corrosion risks, allowing early intervention long before threats escalate into disruptions. Supply chain workflows are restructured with data driven scheduling tools that streamline fleet management, inventory flows, and delivery routing while accounting for shifting market dynamics. Even workforce deployment benefits from AI-enabled planning systems that align skill sets, shift rotations, and safety protocols with live operational needs. Together, these advancements position AI not as a supportive tool but as an active force reshaping decisions making, unlocking productivity gains, and reinforcing the market’s resilience in an increasingly competitive landscape.
U.S. Oil & Gas Market Growth Factors
Is Electrification Powering The Permian Basin?
The electrification of oil and gas operations is accelerating in the Permian Basin. Companies are replacing diesel generators with natural gas powered electricity to meet rising energy demands. This shift not only reduces emissions but also enhances operational efficiency. Vistra’s investment in new natural gas power plants in the region underscores this trend. Such initiatives are pivotal in supporting the growing energy needs of oil and gas operations.
Are Major Oil Companies Expanding Their U.S. Operations?
Leading oil companies are significantly increasing their investments in U.S. oil and gas projects. BP’s approval of the 45 billion Tiber Guadalupe offshore drilling project in the Gulf of Mexico exemplifies this trend. This project aims to produce substantial oil volumes, reinforcing BP’s commitment to boosting its U.S. output. Such investments are expected to bolster domestic production and contribute to energy security.
Market Opportunity
Can Electrification Drive Growth In The Permian Basin?
The electrification of oil and gas operations in the Permian Basin is creating significant growth opportunities. Companies are investing in natural gas power plants to meet the increasing electricity demands of oil and gas operations. For instance, Vistra plans to build two natural gas power plants in the Permian Basin, with a combined capacity of 860 megawatts. These plants are expected to be operational by 2028, supporting the growing energy needs of the oil and gas industry in the region.
Limitations In The U.S. Oil & Gas Market
Stringent environmental rules and growing public resistance can delay projects and increase compliance costs, while favouring renewable energy many influence investments.Limited transportation and storage facilities in developing areas can restrict efficient resource development and distribution.
U.S. Oil & Gas Market Segmentation
Sector Insights
Which Sector Holds The Largest Share In U.S. Oil & Gas Market?
The upstream segment dominated the market in 2024. The dominance is attributed to the significant exploration and production activities, particularly in shale formations such as the Permian Basin and Eagle Ford. Technological advancements like horizontal drilling and hydraulic fracturing have enhanced extraction capabilities, leading to increased production. Additionally, substantial investments in infrastructure and a favourable regulatory environmental have bolstered the upstream sector’s growth.
The midstream segment is projected to experience the fastest growth during the forecast period. This growth is driven by the increasing demand for transportation, storage and distribution of oil and gas. The expansion of pipeline networks, development of liquefied natural gas (LNG) terminals, and advancements in digital technologies for pipeline monitoring and maintenance are contributing to the sector’s rapid expansion. These developments are essential to accommodate the rising production level and ensure efficient delivery to end users.
Resource Type Insights
Which Resource Type Dominated The U.S. Oil & Gas Market In 2024?
Natural gas segment emerged as the dominant resource type in the market in 2024. The presence of vast reserves, especially in shale formations, has been a key factor in this dominance. Technological advancements, such as horizontal drilling and hydraulic fracturing, have facilitated the efficient extraction of natural gas. Additionally, the growing demand for cleaner energy sources and the expansion of natural gas infrastructure have further solidified natural gas’s leading position in the market.
Liquefied Natural Gas (LNG) segment is anticipated to be the fastest growing segment in the market during the forecast period. The expansion of LNG export infrastructure, including liquefaction facilities and export terminals, has facilitated increased production and distribution. The shift towards cleaner energy sources and the global demand for LNG have further accelerated its growth. Investments in LNG infrastructure and technological advancements in liquefaction processes are expected to continue driving the segment’s rapid growth.
Extraction Technique Insights
Why Did Unconventional Extraction Techniques segment Dominate The U.S. Oil & Gas Market?
Unconventional extraction techniques, including hydraulic fracturing and horizontal drilling segments dominated the market in 2024. The adoption of these techniques has enabled the extraction of oil and gas from previously inaccessible shale formations. The presence of tight oil and gas resources has driven the demand for unconventional extraction methods, furthermore, supportive government policies and advancements in drilling technologies have contributed to the widespread use of these techniques, reinforcing their dominance in the market.
Offshore extraction segment is projected to be the fastest growing segment in the market during the forecast period. Technological advancements in Deepwater drilling and reservoir management have enhanced the feasibility of offshore extraction. Supportive government policies and investments in offshore infrastructure are expected to further accelerate the growth of this segment.
End Use insights
Did The Transportation Sector Dominate The U.S. Oil & Gas Market?
The transportation segment held the largest share in the market in 2024. The demand for oil-based fuels, such as gasoline and diesel, is primarily driven by various modes of transportation, including commercial trucks, ships, personal vehicles, and airplanes. The increasing production of petroleum products to meet the needs of these transportation mods has bolstered sector’s dominance. Additionally, the development of transportation infrastructure, such as ports, roads, and railways, has facilitated the distributing of oil and gas, further supporting sector’s leading role in the market.
The petrochemical feedstock segment is anticipated to experience the fastest growth in the U.S. oil & gas market during the forecast period. The growing extraction o shale gas increased the production of petrochemical feedstocks like ethylene. The expansion of petrochemical facilities, particularly in the U.S. Gulf Coast, has blistered the production of petrochemical feedstocks. The rising demand for petrochemical products in various industries, including automotive and packaging, is expected to continue driving the segment’s rapid growth.
Deployment Insights
Why Did The Onshore Segment Dominate The U.S. Oil & Gas Market?
The onshore segment dominated the U.S. oil gas market in 2024. Onshore operations are generally more cost-effective due to less expensive infrastructure and easier access to maintenance, exploration, and drilling activities. The presence of significant shale formations in regions like Eagle Ford, Permian, ad Bakken has driven the demand for onshore deployment. Investments in transportation, pipelines, and processing facilities have further supported the growth of onshore operations, reinforcing their dominance in the market.
The Permian Basin segment held the largest share in the market, driven by abundant oil and natural gas reserves and enhanced extraction through hydraulic fracturing and horizontal drilling. It’s well established pipelines, processing facilities, and focus on energy independence further support market growth. The Marcellus shale is the fastest growing sub segment, fueled by rich natural gas reserves and advanced drilling technologies. Rising energy demand and improved rig productivity continue to drive its expansion.
The Marcellus Shale segment is projected to be the fastest growing sub-segment in the market during the forecast period. The abundance of natural gas reserves in the Marcellus Shale has driven increased exploration and production activities. Technological advancements in drilling techniques, such as hydraulic fracturing and horizontal drilling, and enhanced the productivity of the Marcellus Shale. The growing demand for natural gas and improvements in drilling rig productivity are expected to continue fuelling the rapid growth of the sub-segment.
Technology Insights
Why Did Hydraulic Fracturing Segment Dominate The U.S. Oil & Gas Market?
Hydraulic fracturing segment held the largest share in the market in 2024. The technique has been instrumental, in extracting oil and gas from shale formations, enabling access to previously untapped resources. The adoption of hydraulic fracturing has been driven been the need to enhance production efficiency and reduce costs. The supportive regulatory environment and advancements in drilling technologies have further facilitated the widespread use of hydraulic fracturing, solidifying its dominance in the market.
AI and predictive maintenance segment are anticipated to be the fastest growing segment in the market during the forecast period. The increasing demand for identifying equipment failures and scheduling maintenance has driven the adoption of AI and predictive maintenance technologies. These technologies enhance operational efficiency and reduce downtime, leading to cost savings. The focus on optimizing energy consumption and reducing carbon footprints is expected to further accelerate the growth of this segment.
Distribution Insights
Why Did Integrated Oil Companies Segment Dominate The U.S. Oil & Gas Market?
Integrated oil companies segment dominated the market in 2024. These operate across various stages of the oil and gas value chain, including exploration, production, refining, and distribution, allowing them to control multiple aspects of the supply chain. The ability manage various stages of production and distribution has provided integrated oil companies with a competitive advantage. Their substantial investments in research and development, coupled with a comprehensive operational framework, have reinforced their leading position in the market.
Independent producers segment are projected to be the fastest growing segment in the market during the forecast period. The increasing demand for liquefied natural gas and the expansion of LNG export facilities have driven the growth of independent producers. The focus on production and exploration of oil gas resources has further bolstered their activities. The rapid adoption of new technologies, such as AI, enhanced oil recovery techniques, and digitalization, and enhanced the efficiency and competitiveness of independent producers, supporting their rapid.
Which Region Dominate The U.S. Oil & Gas Market?
The South region dominated the U.S. oil & gas market in 2024, due to the abundant oil and natural gas reserves in states like Texas and New Mexico. The region’s well established infrastructure, including refineries, pipelines, and storage facilities, enhances production efficiency and resource distribution. Extensive export terminals for liquefied natural gas provide access to both domestic and international markets, supporting robust export activity. Additionally, technological advancements such as horizontal drilling and hydraulic fracturing, along with offshore exploration in the Gulf of Mexico, are driving overall market growth. The south’s strategic combination of resources, infrastructure, and technology positions it as a central hub in the U.S. oil and gas industry.
Why Is The Northeast U.S. Experiencing Rapid U.S. Oil & Gas Market Growth?
The Northeast region of the U.S. is witnessing the most rapid expansion in the market throughput the projected timeframe. The significant deposits of shale gas in both Marcellus and Utica Shale contribution to the growth of the market. The widespread use of advanced extraction methods such as horizontal drilling and hydraulic fracturing boosts oil and gas production. The robust network of pipelines that transport natural gas aids in the market’s development. The presence of large energy consuming regions and well established industrial centres drives the demand for energy, enhancing the overall growth of the market.
More Insights in Towards Chemical and Materials:
Oil & Gas Market : The global Oil & Gas-market size was valued at USD 6.10 Trillion in 2024, grew to USD 6.33 Trillion in 2025, and is expected to hit around USD 8.79 Trillion by 2034, growing at a compound annual growth rate (CAGR) of 3.72% over the forecast period from 2025 to 2034. U.S. Oil & Gas Infrastructure Market : The U.S. oil & gas infrastructure market size was reached at USD 78.85 Billion in 2024 and is expected to be worth around USD 147.32 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.45% over the forecast period 2025 to 2034.Oil & Gas Infrastructure Market : The global oil & gas infrastructure market size was reached at USD 752.19 billion in 2024 and is expected to be worth around USD 1,377.87 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.24% over the forecast period 2025 to 2034.Gas Separation Membrane Market : The global gas separation membrane market was valued at approximately USD 1.85 billion in 2024 and is projected to grow at a CAGR of 6.95% from 2025 to 2034, reaching a value of USD 3.62 billion by 2034.Renewable Natural Gas Market : The global renewable natural gas market size is calculated at USD 15.5 billion in 2025 and is forecasted to reach around USD 31.37 billion by 2034, accelerating at a CAGR of 8.15% from 2025 to 2034.Natural Gas Market : The global natural gas market size accounted for USD 4.19 trillion in 2024 and is predicted to increase from USD 4.41 trillion in 2025 to approximately USD 6.96 trillion by 2034, expanding at a CAGR of 5.20% from 2025 to 2034. Industrial Gas Pipeline Infrastructure Market : The global industrial gas pipeline infrastructure market volume was reached at USD 44.00 million tonnes in 2024 and is expected to be worth around USD 67.55 million tonnes by 2034, growing at a compound annual growth rate (CAGR) of 4.38% over the forecast period 2025 to 2034.Europe Oil & Gas Infrastructure Market : The Europe oil & gas infrastructure market size was reached at USD 85.11 billion in 2024 and is expected to be worth around USD 140.09 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.11% over the forecast period 2025 to 2034.Asia Pacific Oil & Gas Infrastructure Market : The Asia Pacific oil & gas infrastructure market size accounted for USD 207.77 billion in 2025 and is forecasted to hit around USD 365.90 billion by 2034, representing a CAGR of 6.49% from 2025 to 2034.Asia Pacific Oil & Gas Market : The Asia Pacific oil & gas market volume was reached at USD 1.85 trillion in 2024 and is expected to be worth around USD 2.79 trillion by 2034, growing at a compound annual growth rate (CAGR) of 4.21% over the forecast period 2025 to 2034. U.S. Gas Pipeline Infrastructure Market : The U.S. gas pipeline infrastructure market size is calculated at USD 1,058.73 billion in 2024, grew to USD 1,149.26 billion in 2025, and is projected to reach around USD 2,431.55 billion by 2034. The market is expanding at a CAGR of 8.67% between 2025 and 2034.Europe Oil & Gas Infrastructure Market : The Europe oil & gas infrastructure market size was reached at USD 85.11 billion in 2024 and is expected to be worth around USD 140.09 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.11% over the forecast period 2025 to 2034.Asia Pacific Oil & Gas Infrastructure Market : The Asia Pacific oil & gas infrastructure market size accounted for USD 207.77 billion in 2025 and is forecasted to hit around USD 365.90 billion by 2034, representing a CAGR of 6.49% from 2025 to 2034.Asia Pacific Oil & Gas Market : The global Asia Pacific oil & gas market volume was reached at USD 1.85 trillion in 2024 and is expected to be worth around USD 2.79 trillion by 2034, growing at a compound annual growth rate (CAGR) of 4.21% over the forecast period 2025 to 2034.Asia Pacific Gas Pipeline Infrastructure Market : The Asia Pacific gas pipeline infrastructure market size was valued at USD 813.48 billion in 2024 and is expected to be worth around USD 1,592.78 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.95% over the forecast period from 2025 to 2034.U.S. Oil & Gas Infrastructure Market : The U.S. oil & gas infrastructure market size was reached at USD 78.85 Billion in 2024 and is expected to be worth around USD 147.32 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.45% over the forecast period 2025 to 2034.Oil & Gas Infrastructure Market : The global oil & gas infrastructure market size was reached at USD 752.19 billion in 2024 and is expected to be worth around USD 1,377.87 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.24% over the forecast period 2025 to 2034.
U.S. Oil & Gas Market Top Key Companies:
ExxonMobil CorporationChevron CorporationConocoPhillipsOccidental Petroleum (Oxy)EOG Resources, Inc.Pioneer Natural ResourcesDevon Energy CorporationMarathon Petroleum CorporationPhillips 66Valero Energy CorporationKinder Morgan, Inc.Williams Companies, Inc.Hess CorporationChesapeake Energy CorporationAntero Resources CorporationDiamondback Energy, Inc.Halliburton CompanySchlumberger Ltd. (U.S. Operations)Baker Hughes CompanyTellurian Inc. (LNG Developer/Exporter)
U.S. Oil & Gas Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. For this study, Towards Chemical and Materials has segmented the global U.S. Oil & Gas Market
By Sector
Upstream (Exploration & Production)Midstream (Pipelines, Storage, LNG Terminals)Downstream (Refining, Marketing & Distribution)
By Resource Type
Crude Oil (WTI, LLS, Bakken, etc.)Natural Gas (Shale Gas, Tight Gas)Liquefied Natural Gas (LNG)Refined Petroleum Products
By Extraction Technique
Unconventional (Shale, Tight Oil, Hydraulic Fracturing)Conventional OnshoreOffshore (Gulf of Mexico)
By End Use
Transportation (Automotive, Aviation)Power GenerationIndustrial UseResidential & CommercialPetrochemical Feedstock
By Deployment Type
Onshore (Permian, Bakken, Marcellus, Eagle Ford, etc.)Offshore (Gulf of Mexico, California Coast)
By Technology
Hydraulic Fracturing & Horizontal DrillingSeismic ImagingCarbon Capture & Storage (CCS)AI & Predictive MaintenanceRemote Monitoring & SCADADigital Twin & IoT Applications
By Distribution Channel
Integrated Oil CompaniesIndependent ProducersOilfield Services CompaniesPipeline OperatorsLNG Exporters
By Region
NortheastMidwestSouthWestGulf Coast
Immediate Delivery Available | Buy This Premium Research Report@ https://www.towardschemandmaterials.com/price/5742
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- Monday Sector Leaders: Services, Technology & Communications
Sep 8, 2025
The best performing sector as of midday Monday is the Services sector, up 0.2%. Within the sector, Live Nation Entertainment Inc (Symbol: LYV) and TKO Group Holdings Inc (Symbol: TKO) are two of the day's stand-outs, showing a gain of 2.8% and 2.7%, respectively. Among the largest ETFs, one ETF closely following services stocks is the iShares U.S. Consumer Services ETF (Symbol: IYC), which is up 0.4% on the day, and up 9.48% year-to-date. Live Nation Entertainment Inc, meanwhile, is up 29.66% year-to-date, and TKO Group Holdings Inc is up 40.74% year-to-date. Combined, LYV and TKO make up approximately 0.6% of the underlying holdings of IYC.
The next best performing sector is the Technology & Communications sector, not showing much of a loss. Among large Technology & Communications stocks, Take-Two Interactive Software, Inc. (Symbol: TTWO) and Uber Technologies Inc (Symbol: UBER) are the most notable, showing a gain of 3.7% and 3.2%, respectively. One ETF closely tracking Technology & Communications stocks is the Technology Select Sector SPDR ETF (XLK), which is up 0.7% in midday trading, and up 14.11% on a year-to-date basis. Take-Two Interactive Software, Inc., meanwhile, is up 35.04% year-to-date, and Uber Technologies Inc is up 55.67% year-to-date.
Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:
Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Monday. As you can see, one sector is up on the day, while seven sectors are down. Sector% ChangeServices+0.2%Technology & Communications0.0%Industrial-0.3%Financial-0.5%Materials-0.7%Healthcare-0.9%Consumer Products-1.0%Energy-1.0%Utilities-1.2%
25 Dividend Giants Widely Held By ETFs »
Also see:
PXD market cap history
QAT shares outstanding history
Funds Holding CPGX </p>
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
- US oil and gas M&A activity tripled last year, report says
Aug 19, 2025
By Nicole Jao
NEW YORK (Reuters) -Mergers and acquisitions in the U.S. oil and gas sector tripled last year despite softer commodity prices as energy companies boosted spending to improve efficiency and profits, according to a report released on Tuesday.
WHY IT’S IMPORTANT
The jump in dealmaking marks a shift in strategy after years of focusing on shareholder returns over growth as commodity prices retreated from their 2022 high.
CONTEXT
The sector-wide consolidation has been led by a handful of megadeals by large players, including Exxon Mobil (NYSE:XOM), Diamondback (NASDAQ:FANG) Energy and ConocoPhillips (NYSE:COP).
KEY QUOTE
Companies flush with cash were focused on driving efficiency through scale, said Bruce On, partner at EY’s strategy and energy transactions group.
“It’s a relook at process, tools, workforce and everything around your operations,” On said.
BY THE NUMBERS
Leading energy companies spent $206.6 billion on mergers and acquisitions in 2024, up from $47.9 billion the previous year, according to an Ernst & Young study published on Tuesday.
Oil and gas companies cut spending on dividends and share repurchase payments by about 25% last year to $29.2 billion.
Money spent on tapping oil and gas also fell slightly, with exploration and development expenditure down 7% year on year at $85.5 billion.
Profits fell 10% last year to $74.8 billion, less than half the record level recorded in 2022, primarily owing to soft commodity prices, the report said.
Exxon Mobil was the biggest buyer in 2024 with total property acquisition costs of $84.5 billion. The company announced the acquisition of U.S. shale oil producer Pioneer Natural (NYSE:PXD) Resources in October 2023 and completed the $60 billion purchase last May.</p>
- Analysis-Chevron wins Exxon case but loses time, oil and billions
Jul 18, 2025
By Arunima Kumar
(Reuters) -Exxon Mobil has lost its arbitration challenge to block Chevron (NYSE:CVX)’s $55 billion Hess (NYSE:HES) acquisition deal, but the top U.S. oil producer managed to delay the tie-up by over a year, costing its rival billions in lost Guyana oil revenue and slowing integration.
Chevron’s deal, first announced in October 2023, closed on Friday after a drawn-out dispute over Hess’s 30% stake in Guyana’s Stabroek block, the most attractive asset in its portfolio. The offshore oilfield holds more than 11 billion barrels of oil and is one of the fastest-growing oil production regions in the world.
The No. 2 U.S. oil producer had originally targeted a mid-2024 close for the deal.
Exxon, which operates the Guyana project and holds a 45% stake along with Hess and CNOOC (NYSE:CEO), challenged the merger through arbitration, citing a right of first refusal on Hess’s Guyana assets.
"The delay kept roughly 180,000 barrels per day (bpd) of Hess oil, about $6-7 billion in gross sales and $3 billion in profit, just from Guyana’s Stabroek Block sailing past Chevron’s till in 2024, because those barrels kept flowing to Hess while the lawyers argued," said Michael Ashley Schulman, chief investment officer at Running Point Capital.
Chevron’s deal was part of the biggest wave of consolidation in the oil industry for over 20 years and was a strategic counter to Exxon’s own blockbuster deal and growing position in the Permian.
For Chevron CEO Michael Wirth, acquiring Hess and its stake in Guyana was central to his strategy for the company’s future growth.
That strategy had been in limbo during the arbitration, turning what was initially expected to be a clean, timely win for Chevron into a high-stakes challenge for Wirth, who had already lost one major deal.
He abandoned his takeover bid for Anadarko Petroleum (NYSE:APC) in 2019 after being outmanoeuvred by Occidental Petroleum (NYSE:OXY)’s higher offer.
OVERHANG ON CHEVRON’S STOCK
With the Hess deal now closed, Chevron said it expects to realize $1 billion in run-rate cost synergies by the end of 2025 and will cut jobs due to overlapping roles between the two companies.
Chevron is in the midst of laying off up to 20% of its global workforce, has faced a rise in safety issues, and its operations in Venezuela have been caught in a geopolitical crossfire.
"For Chevron, this favorable ruling helps the major avoid other time-consuming (and likely costly) approaches for inorganic growth," said Atul (NSE:ATLP) Raina, vice president at Rystad Energy.
"Had the ruling gone in favor of Exxon Mobil (NYSE:XOM) and CNOOC, Chevron would then have had to look for growth opportunities elsewhere ... this would have most likely translated into Chevron paying large premiums for buying premier U.S. shale assets that move the needle for the major," Raina added.
During the arbitration, Chevron had prepared for the integration of Hess business, purchasing $2.2 billion in Hess shares and issuing $5.5 billion in long-term debt, according to Jefferies analysts.
The arbitration itself was also costly, Schulman said.
"Add an estimated $50-100 million in arbitration fees and white-shoe billable hours, and you start to see why Mike Wirth’s victory lap feels a bit like winning the Indy 500 on three tires," said Schulman.
By contrast, Exxon’s own $60 billion acquisition of Pioneer Natural Resources (NYSE:PXD), announced the same month as Chevron’s deal, closed by May 2024. That deal gave Exxon a bigger position as a shale producer in the top U.S. oilfield, the Permian basin.
Since announcing the Hess deal, Chevron shares have declined about 9%. Exxon’s stock is up just over 1% since unveiling its Pioneer acquisition, a divergence reflecting investor sentiment around timing and execution. Some of that gap was closed on Friday as Chevron stock fell nearly 1% while Exxon fell nearly 3%.
RBC analyst Biraj Borkhataria said the arbitration had clearly been an overhang on Chevron’s stock, with many investors choosing to stay on the sidelines during the drawn-out process.
"Investor sentiment has shifted multiple times over the last eighteen months, usually based on either Exxon or Chevron commentary at industry conferences, both expressing how ’confident’ they were of winning," Borkhataria said in a note. </p>
- FTC reverses order barring John Hess from Chevron board
Jul 17, 2025
WASHINGTON (Reuters) -The U.S. Federal Trade Commission on Thursday reversed a previous order that had barred Hess Corp (NYSE:HES) CEO John Hess from the board of directors at Chevron (NYSE:CVX) as a condition of the oil giant’s pending $53 billion acquisition of his company.
ExxonMobil (NYSE:XOM) and Hess are locked in an arbitration case, with a ruling related to a major oilfield project in Guyana set to determine whether Chevron can move forward with its planned acquisition of Hess.
Chevron struck a deal to acquire smaller U.S. oil producer Hess in October 2023, with an eye on the latter’s 30% stake in the prolific Stabroek block in Guyana that is operated by ExxonMobil with a 45% interest.
"We are very pleased with the FTC’s unanimous decision," a Chevron spokesperson told Reuters.
Separately, the FTC on Thursday also reversed a prior order that had barred Scott Sheffield, the founder and former CEO of Pioneer Natural Resources (NYSE:PXD), from ExxonMobil’s board after its acquisition of Pioneer.
Exxon, and Hess did not immediately respond to Reuters requests for comments. Sheffield could not immediately be reached for a comment.
- FTC denies Pioneer founder's petition to reopen Exxon acquisition order
Jul 15, 2025
Investing.com - The Federal Trade Commission has denied a petition from Scott Sheffield, founder and former CEO of Pioneer Natural Resources (NYSE:PXD), to reopen and set aside a final consent order related to Exxon Mobil Corporation’s (NYSE:XOM) acquisition of Pioneer.
The FTC ruled that Sheffield lacks standing to file such a petition because he is not a party to the final consent order issued in January 2025. According to the Commission, only parties subject to an order can utilize the petition process under Rule 2.51 of the FTC’s Rules of Practice.
The final consent order prohibits Exxon from appointing Sheffield to its board of directors or having him serve in any advisory capacity to Exxon’s board or management. It also restricts Exxon from appointing any Pioneer employee or director to its board for five years, with certain exceptions.
The order resolved an FTC complaint alleging that Sheffield’s proposed appointment to Exxon’s board following the acquisition would be anticompetitive. The complaint cited Sheffield’s past communications with OPEC representatives regarding oil and gas output, suggesting his board position could increase the likelihood of anticompetitive coordination and harm crude oil competition.
While Sheffield cannot use the formal petition process, the Commission stated it plans to consider his arguments for reopening and vacating the final order under Rule 3.72. The vote denying Sheffield’s petition was unanimous at 3-0.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
- Chevron preps quick closing of Hess deal and awaits result of Exxon dispute
Jul 7, 2025
By Sheila Dang
HOUSTON (Reuters) -Chevron is laying the groundwork to swiftly close its planned acquisition of smaller oil producer Hess (NYSE:HES), according to two sources and an industry analyst, including by preparing a severance program for some Hess workers.
The preparations come as both companies await a decision in a legal challenge from larger rival Exxon Mobil (NYSE:XOM) that will make or break the $53 billion deal.
Completing the Hess acquisition is key to Chevron (NYSE:CVX) CEO Mike Wirth’s strategy. Chevron would gain Hess’ 30% interest in the Stabroek oilfield block in Guyana, which is operated by Exxon and holds more than 11 billion barrels of oil equivalent, providing a critical addition to Chevron’s declining oil and gas reserves.
Chevron has assigned roles in its information technology team to work on the Hess integration, according to an internal organizational chart that Reuters reviewed.
Members of that team have met regularly with counterparts at Hess in recent months to prepare logistics of combining the two companies, said one Chevron employee and a second source familiar with the meetings. Both sources declined to be named while discussing the confidential work.
Representatives from Chevron have also held several town hall meetings with Hess staff, the second source said.
Hess employees were informed they could request a severance package if they are not interested in a position with the combined company, according to a written notice to staff that was seen by Reuters.
Chevron is in the midst of a restructuring that includes laying off up to 20% of its workforce, and Hess had about 1,800 employees at the end of 2024.
The preparations are intended to help Chevron with ambitious targets for closing the deal. The company aims to legally close the acquisition within 48 hours of resolving the arbitration and complete operational aspects of absorbing the company within 45 days, one of the sources said.
It can typically take several months for companies to close an acquisition after a deal is announced. Exxon, for example, announced it planned to acquire Pioneer Natural Resources (NYSE:PXD) in October 2023 and closed the deal in May last year.
"We look forward to completing the transaction and welcoming Hess to our company," a Chevron spokesperson said in a statement.
Hess declined to comment.
Chevron initially expected to close the Hess acquisition in the first half of 2024. That was delayed due to arbitration claims from Exxon and CNOOC (NYSE:CEO), the other minority partner in the Guyana joint venture, who argue that they have a contractual right of first refusal to purchase Hess’ stake in the Stabroek block.
Hess and Chevron argue the clause does not apply to the sale of the whole company. If they lose the arbitration or are unable to agree on an acceptable resolution with Exxon and CNOOC, the acquisition would fail, according to the terms of the deal.
Biraj Borkhataria, an analyst with RBC Capital Markets, met with Chevron Chief Financial Officer Eimear Bonner in June and said the executive acknowledged that the lengthy arbitration dispute has weighed on the company’s stock price, but also said the time has allowed for integration planning. Bonner indicated
Chevron could close the deal quickly after resolving the arbitration dispute, Borkhataria said in an interview.
A three-member arbitration panel that reviewed the dispute over the Stabroek block has reached a decision, Reuters reported on Thursday. The Paris-based International Chamber of Commerce, which is overseeing the arbitration case, is now reviewing the decision before it is released to the parties. </p>
- ExxonMobil stock maintains Neutral rating at Mizuho ahead of Q2 earnings
Jul 7, 2025
Investing.com - Mizuho has reiterated its Neutral rating and $124.00 price target on ExxonMobil (NYSE:XOM), the $483 billion oil giant, ahead of its second-quarter 2025 earnings report. According to InvestingPro analysis, XOM appears undervalued at current levels, with analysts’ targets ranging from $95 to $142 per share.
Mizuho expects ExxonMobil to report earnings per share of approximately $1.72 for the second quarter, about 11% above current consensus estimates, despite headwinds from commodity prices in the Upstream segment. InvestingPro data shows the company maintains a strong financial health rating with a P/E ratio of 14.85x and has consistently delivered profits, maintaining dividend payments for 55 consecutive years.
The firm anticipates that supporting pricing in Energy Products and Chemicals/Specialty Products segments will largely offset weakness in the Upstream business, while upstream volumes are expected to remain largely flat compared to the first quarter of 2025.
Mizuho’s cash flow per share estimate is approximately 13% below consensus, but includes $2.5-3.0 billion of seasonal cash tax payments as guided by the company, while its capital expenditure estimate of $7.3 billion is about 5% above Street expectations but aligns with ExxonMobil’s full-year guidance of $27-29 billion.
The firm maintains its Neutral stance on ExxonMobil with a net asset value-based price target of $124 per share, with a modest production ramp anticipated in the second half of 2025.
In other recent news, ExxonMobil’s upcoming earnings report has garnered attention, with UBS maintaining its Buy rating and setting a price target of $130. UBS projects ExxonMobil’s second-quarter 2025 adjusted earnings per share to be $1.66, surpassing the Street consensus of $1.52, although lower than the previous quarter’s $1.76. The anticipated decline is attributed to falling oil prices, despite partially recovering refining margins. Meanwhile, TD Cowen has increased its price target for ExxonMobil to $128 from $120, citing higher near-term earnings expectations. This adjustment reflects ExxonMobil’s strategic efforts, including the integration of Pioneer Natural Resources (NYSE:PXD) and potential synergies. Additionally, Evercore ISI has reiterated an Outperform rating with a $120 price target, emphasizing ExxonMobil’s strategic advantages and efficient cost structure. The company’s focus on technology and low-carbon initiatives, as noted by UBS, further strengthens its position in the energy sector. These developments highlight ExxonMobil’s continued strategic maneuvers and strong positioning in the market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
