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Global upstream M&A in brief

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Welcome to the Global upstream M&A in brief, where we bring you opinion and analysis on M&A-related news. The report provides rolling coverage of notable upstream transactions and potential A&D activity. Periodic market summaries will be supported in this document by an enhanced version of the excel download that was previously found in the Monthly Market Update. You can bookmark this report for regular updates.

Table of contents

  • Regional activity
  • EOG acquires Utica pure-play Encino for US$5.6 billion
  • Shell acquires TotalEnergies’ in the Bonga deepwater fields in Nigeria
  • LUKOIL doubles down on Ghasha, OMV exits
  • Ithaca increases interest at UK’s second biggest gas field
  • Deal Pipeline: Strathcona bids for MEG Energy in bold oil sands consolidation move
  • Strathcona divests Montney in three packages totalling US$2 billion (C$2.8 billion)
  • Permian Resources bolsters Delaware Basin position with strategic APA acquisition
  • EOG Resources secures strategic Eagle Ford acreage
  • Tenaz completes NAM Offshore acquisition in the Netherlands
  • Deal Pipeline: Shell-BP deal rumours level up
  • Equinor exits Peregrino in US$3.5 billion deal
  • 41 more item(s)...

Tables and charts

This report includes the following images and tables:

  • May 2025 deal count compared to historical benchmarks
  • May 2025 deal spend compared to historical benchmarks (excludes US$50bn+ megadeals)
  • Ithaca production profile
  • US$ per flowing barrel equivalent for recent Montney deals
  • Deal metrics
  • Acquired APA and offset Parkway well performance
  • Well performance
  • EOG leasehold
  • Shell and BP upstream: 1) portfolios by country/region, strategic fit; 2) production outlook vs peers
  • Global M&A – April 2025
  • Implied Long-Term Oil Price (deal by deal) vs. Brent oil price
  • 37 more item(s)...

What's included

This report contains:

  • Document

    Global upstream M&A in brief

    PDF 7.45 MB