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 | Viper Energy VNOM.O | $4.1 billion | All-stock | Closed | |
June 26 | DNOW DNOW.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 | Western Midstream Partners WES.N | $1.5 billion | Cash-and-stock | Closed | |
August 25 | Crescent Energy CRGY.N | $3.1 billion | All-stock | Closed | |
November 3 | SM Energy SM.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 | $1.91 billion | Cash | Closed | |
June 10 | Diamond Offshore Drilling | $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 | 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 | $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 | $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))
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