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    Factbox: US energy sector deals regain momentum after mid-2025 slowdown

    Picture of Paramount Resources (Pre-Merger) logoParamount Resources (Pre-Merger)
    02/02/2026 17:47
    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 dateTargetAcquirerDeal value (in $)Deal typeClosing date
    Feb. 18Certain units of EnCap Investments-backed energy producer Double EagleDiamondback Energy FANG.O$4.08 billionCash-and-stockClosed
    March 3Canada-based ParklandSunoco SUN.N$9.1 billionCash-and-stockClosed
    May 15Natural gas generation facilities from Lotus Infrastructure PartnersVistra VST.N$1.9 billionCashEarly 2026
    June 3Sitio RoyaltiesViper Energy VNOM.O$4.1 billionAll-stockClosed
    June 26MRC GlobalDNOWDNOW.N$1.5 billionAll-stockClosed
    July 29Chart IndustriesBaker Hughes BKR.O$13.6 billionAll-cashMid-2026
    July 31Northwind MidstreamMPLX LP MPLX.N$2.38 billionAll-cashClosed
    August 6Aris WaterWestern Midstream PartnersWES.N$1.5 billionCash-and-stockClosed
    August 25Vital EnergyCrescent Energy CRGY.N$3.1 billionAll-stockClosed
    November 3SM EnergySM.NCivitas Resources CIVI.N$12.8 billionAll-stockClosed
    November 4NuVistaOvintiv OVV.N$2.7 billionCash-and-stockEnd of 2026
    December 1Stakeholder MidstreamTarga Resources TRGP.N$1.25 billionAll-cashQ1 2026
    December 8Assets from privately held HG EnergyAntero Resources AR.N$2.8 billionNot givenEarly 2026
    

Deals in the U.S. oil and gas sector in 2024:


    Announcement dateTargetAcquirerDeal value (in $)Deal typeClosing date
    Nov. 14Montney assets from Paramount Resources POU.TOOvintiv OVV.N$2.38 billionCashQ1, 2025
    Nov. 14Ovintiv's OVV.N Unita resourcesFourPoint Resources$2 billionCashQ1, 2025
    Nov. 13Some assets of Avant Natural Resources and its affiliates and Franklin Mountain EnergyCoterra Energy CTRA.N$3.95 billionCash-and-stockQ1, 2025
    Oct. 29EQT's EQT.N non-operated natgas assets in PennsylvaniaEquinor EQNR.OL$1.25 billionCashQ4
    Aug. 28Global Infrastructure Partners' stake in EnLink Midstream and Medallion MidstreamONEOK OKE.N$5.90 billionCashClosed
    July 28Point Energy Partners' shale assetsVital Energy VTLE.N and Northern Oil and Gas NOG.N$1.1 billionCashClosed
    July 8Grayson Mill's Williston assetsDevon Energy DVN.N$5 billionCash-and-stockClosed
    June 27Some assets of XCL ResourcesSM Energy SM.N and Northern Oil and Gas NOG.N$2.55 billionCashClosed
    June 14Stake in Rockies Express PipelineUnit of Tallgrass Energy$1.28 billionCashClosed
    June 12Unit of Ameredev IIMatador Resources$1.91 billionCashClosed
    June 10Diamond Offshore DrillingNoble Corp$1.59 billionCash-and-stockQ1, 2025
    May 29Marathon OilConocoPhillips$22.5 billionAll-stockQ4, 2024
    May 28WTG MidstreamEnergy Transfer$3.25 billionCash-and-stockClosed
    May 16SilverBow ResourcesCrescent Energy$2.1 billionCash-and-stockClosed
    April 2ChampionXSLB$7.8 billionAll-stockEnd of 2024
    March 11Equitrans MidstreamEQT Corp$5.5 billionAll-stockClosed
    Feb. 21Enerplus CorpChord Energy$3.84 billionCash-and-stockClosed
    Feb. 12Endeavor EnergyDiamondback Energy$26 billionCash-and-stockClosed
    Jan. 22NuStar EnergySunoco$7.3 billionAll-stockClosed
    Jan. 15QuarterNorth EnergyTalos Energy$1.29 billionCash-and-stockClosed
    Jan. 11Southwestern EnergyChesapeake Energy$7.4 billionAll-stockClosed
    Jan. 7Aera EnergyCalifornia Resources$2.1 billionAll-stockClosed
    Jan. 4Callon PetroleumAPA Corp$4.5 billionAll-stockClosed
    

These are some of the biggest deals announced in 2023:


    Announcement dateTargetAcquirerDeal value (in $)Deal typeClosing date
    May 14Magellan Midstream PartnersONEOK$18.8 billionCash-and-stockClosed
    Oct. 11Pioneer Natural ResourcesExxon Mobil$59.5 billionAll-stockClosed
    Oct. 24Hess CorpChevron$53 billionAll-stockTimeline delayed
    Dec. 11CrownRockOccidental Petroleum$12 billionCash and stockClosed
    

 (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))

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