Updates lede, adds Coterra-Devon merger and 2025 deals
Feb 2 (Reuters) -
Dealmaking in the U.S. oil and gas sector saw a slowdown in the middle of 2025, but eventually gained momentum in the fourth quarter, with upstream deals alone reaching $23.5 billion and pushing full-year activity to $65 billion, according to analytics firm Enverus.
Even though M&As in the sector cooled in 2025, producers in the shale patch continue to pursue size advantages, from lowering per-barrel costs to extending drilling runways in maturing basins like the Permian and Anadarko.
COTERRA ENERGY AND DEVON ENERGY MERGER
U.S. oil and gas sector's mergers and acquisitions kicked off in 2026 with Coterra Energy CTRA.N and Devon Energy DVN.N agreeing to merge in a $58 billion all-stock deal. The merger is expected to close in the second quarter of 2026.
Deals in the U.S. oil and gas sector in 2025:
Announcement date
Target
Acquirer
Deal value (in $)
Deal type
Closing date
Feb. 18
Certain units of EnCap Investments-backed energy producer Double Eagle
Diamondback Energy FANG.O
$4.08 billion
Cash-and-stock
Closed
March 3
Canada-based Parkland
Sunoco SUN.N
$9.1 billion
Cash-and-stock
Closed
May 15
Natural gas generation facilities from Lotus Infrastructure Partners
Vistra VST.N
$1.9 billion
Cash
Early 2026
June 3
Sitio Royalties
Viper Energy VNOM.O
$4.1 billion
All-stock
Closed
June 26
MRC Global
DNOWDNOW.N
$1.5 billion
All-stock
Closed
July 29
Chart Industries
Baker Hughes BKR.O
$13.6 billion
All-cash
Mid-2026
July 31
Northwind Midstream
MPLX LP MPLX.N
$2.38 billion
All-cash
Closed
August 6
Aris Water
Western Midstream PartnersWES.N
$1.5 billion
Cash-and-stock
Closed
August 25
Vital Energy
Crescent Energy CRGY.N
$3.1 billion
All-stock
Closed
November 3
SM EnergySM.N
Civitas Resources CIVI.N
$12.8 billion
All-stock
Closed
November 4
NuVista
Ovintiv OVV.N
$2.7 billion
Cash-and-stock
End of 2026
December 1
Stakeholder Midstream
Targa Resources TRGP.N
$1.25 billion
All-cash
Q1 2026
December 8
Assets from privately held HG Energy
Antero Resources AR.N
$2.8 billion
Not given
Early 2026
Deals in the U.S. oil and gas sector in 2024:
Announcement date
Target
Acquirer
Deal value (in $)
Deal type
Closing date
Nov. 14
Montney assets from Paramount Resources POU.TO
Ovintiv OVV.N
$2.38 billion
Cash
Q1, 2025
Nov. 14
Ovintiv's OVV.N Unita resources
FourPoint Resources
$2 billion
Cash
Q1, 2025
Nov. 13
Some assets of Avant Natural Resources and its affiliates and Franklin Mountain Energy
Coterra Energy CTRA.N
$3.95 billion
Cash-and-stock
Q1, 2025
Oct. 29
EQT's EQT.N non-operated natgas assets in Pennsylvania
Equinor EQNR.OL
$1.25 billion
Cash
Q4
Aug. 28
Global Infrastructure Partners' stake in EnLink Midstream and Medallion Midstream
ONEOK OKE.N
$5.90 billion
Cash
Closed
July 28
Point Energy Partners' shale assets
Vital Energy VTLE.N and Northern Oil and Gas NOG.N
$1.1 billion
Cash
Closed
July 8
Grayson Mill's Williston assets
Devon Energy DVN.N
$5 billion
Cash-and-stock
Closed
June 27
Some assets of XCL Resources
SM Energy SM.N and Northern Oil and Gas NOG.N
$2.55 billion
Cash
Closed
June 14
Stake in Rockies Express Pipeline
Unit of Tallgrass Energy
$1.28 billion
Cash
Closed
June 12
Unit of Ameredev II
Matador Resources
$1.91 billion
Cash
Closed
June 10
Diamond Offshore Drilling
Noble Corp
$1.59 billion
Cash-and-stock
Q1, 2025
May 29
Marathon Oil
ConocoPhillips
$22.5 billion
All-stock
Q4, 2024
May 28
WTG Midstream
Energy Transfer
$3.25 billion
Cash-and-stock
Closed
May 16
SilverBow Resources
Crescent Energy
$2.1 billion
Cash-and-stock
Closed
April 2
ChampionX
SLB
$7.8 billion
All-stock
End of 2024
March 11
Equitrans Midstream
EQT Corp
$5.5 billion
All-stock
Closed
Feb. 21
Enerplus Corp
Chord Energy
$3.84 billion
Cash-and-stock
Closed
Feb. 12
Endeavor Energy
Diamondback Energy
$26 billion
Cash-and-stock
Closed
Jan. 22
NuStar Energy
Sunoco
$7.3 billion
All-stock
Closed
Jan. 15
QuarterNorth Energy
Talos Energy
$1.29 billion
Cash-and-stock
Closed
Jan. 11
Southwestern Energy
Chesapeake Energy
$7.4 billion
All-stock
Closed
Jan. 7
Aera Energy
California Resources
$2.1 billion
All-stock
Closed
Jan. 4
Callon Petroleum
APA Corp
$4.5 billion
All-stock
Closed
These are some of the biggest deals announced in 2023:
Announcement date
Target
Acquirer
Deal value (in $)
Deal type
Closing date
May 14
Magellan Midstream Partners
ONEOK
$18.8 billion
Cash-and-stock
Closed
Oct. 11
Pioneer Natural Resources
Exxon Mobil
$59.5 billion
All-stock
Closed
Oct. 24
Hess Corp
Chevron
$53 billion
All-stock
Timeline delayed
Dec. 11
CrownRock
Occidental Petroleum
$12 billion
Cash and stock
Closed
(Compiled by Mrinalika Roy, Sourasis Bose, Tanay Dhumal, Vallari Srivastava, Seher Dareen, Pranav Mathur and Varun Sahay in Bengaluru; Editing by Sriraj Kalluvila, Pooja Desai and Alan Barona)
((mrinalika.roy@thomsonreuters.com))
