There were some big stories in upstream M&A in 2017. Permania finally came to an end after one final quarter of unparalleled activity. Canada saw a massive reorganisation in the oil sands. A surge in European deal activity transformed the corporate landscape. What can we expect in 2018? We analyse 5 things to look for in upstream M&A in 2018: 1. Majors will continue to bolster long-term growth 2. NOCs to increase activity levels 3. Private equity still hunting in North America and Europe 4. US unconventionals – "cash flow versus growth" dictates pace of market 5. Valuations to hold To provide context for our outlook, we have included a short summary of upstream M&A trends through 2017. Lookout for our full review of 2017 later this month.