ICYMI: Upstream M&A slows on pricing gaps while deal appetite holds
Despite a slowdown in headline deal values this spring, upstream mergers and acquisitions remain active beneath the surface.
In this ICYMI episode of the Oil & Gas Journal ReEnterprised podcast, Mikaila Adams examines data from Enverus and Rystad Energy detailing international and North American upstream deal markets in 2025 and into 2026.
The discussion explores how pricing uncertainty widened the gap between buyers and sellers, creating a temporary pause rather than a collapse in market activity.
The episode also looks at where capital continues to flow and what those trends reveal about the industry's direction. From North American consolidation led by the Devon Energy–Coterra Energy merger to continued interest in gas-weighted assets tied to Gulf Coast LNG exports, the analysis highlights the forces shaping today's upstream M&A landscape.
It also considers the likelihood of additional divestitures, private equity activity, and asset sales as companies refine their portfolios, pointing to continued dealmaking momentum even in a more volatile market.
References
Devon, Coterra joining forces to create 1.6 million boe/d shale titan
Ovintiv to divest Anadarko assets for $3 billion
Insights: Vaca Muerta’s scale, productivity—and why it has more to give
Mitsubishi to enter US shale gas business through Haynesville asset acquisition
Shell to expand Canadian operations with $16.4-billion acquisition of ARC Resources
US upstream M&A hits $38 billion in 1Q26 before volatility temporarily pauses the market
International upstream M&A stuck at historic low
https://www.enverus.com/newsroom/international-upstream-ma-stuck-at-historic-low/
Upstream deal value falls 83% as oil price uncertainty widens the buyer-seller gap
https://www.rystadenergy.com/insights/upstream-deal-value-falls
Iran war impact on global oil markets
About the Author
Mikaila Adams
Managing Editor, Content Strategist
Mikaila Adams has 20 years of experience as an editor, most of which has been centered on the oil and gas industry. She enjoyed 12 years focused on the business/finance side of the industry as an editor for Oil & Gas Journal's sister publication, Oil & Gas Financial Journal (OGFJ). After OGFJ ceased publication in 2017, she joined Oil & Gas Journal and was later named Managing Editor - News. Her role has expanded into content strategy. She holds a degree from Texas Tech University.