Despite a slowdown in headline deal values this spring, upstream mergers and acquisitions remain active beneath the surface.

In this ICYMI episode of the Oil & Gas Journal ReEnterprised podcast, Mikaila Adams, managing editor, examines data from Enverus and Rystad Energy detailing international and North American upstream deal markets in 2025 and into 2026.

The discussion explores how pricing uncertainty widened the gap between buyers and sellers, creating a temporary pause rather than a collapse in market activity.

The episode also looks at where capital continues to flow and what those trends reveal about the industry's direction. From North American consolidation led by the Devon Energy–Coterra Energy merger to continued interest in gas-weighted assets tied to Gulf Coast LNG exports, the analysis highlights the forces shaping today's upstream M&A landscape.

It also considers the likelihood of additional divestitures, private equity activity, and asset sales as companies refine their portfolios, pointing to continued dealmaking momentum even in a more volatile market.

Devon, Coterra joining forces to create 1.6 million boe/d shale titan

https://www.ogj.com/general-interest/companies/news/55354563/devon-coterra-joining-forces-to-create-16-million-boe-d-shale-titan

Ovintiv to divest Anadarko assets for $3 billion

https://www.ogj.com/general-interest/companies/news/55358241/ovintiv-to-divest-anadarko-assets-for-3-billion

Mitsubishi to enter US shale gas business through Haynesville asset acquisition

https://www.ogj.com/general-interest/companies/news/55344199/mitsubishi-to-enter-us-shale-gas-business-through-haynesville-shale-acquisition

Shell to expand Canadian operations with $16.4-billion acquisition of ARC Resources

https://www.ogj.com/general-interest/companies/news/55373597/shell-to-expand-canadian-operations-with-164-billion-acquisition-of-arc-resources

US upstream M&A hits $38 billion in 1Q26 before volatility temporarily pauses the market

https://www.enverus.com/newsroom/u-s-upstream-ma-hits-38-billion-in-1q26-before-volatility-temporarily-pauses-the-market/

International upstream M&A stuck at historic low

https://www.enverus.com/newsroom/international-upstream-ma-stuck-at-historic-low/

Upstream deal value falls 83% as oil price uncertainty widens the buyer-seller gap

https://www.rystadenergy.com/insights/upstream-deal-value-falls

Iran war impact on global oil markets

https://www.ogj.com/IranWar

In this Insights episode of the Oil & Gas Journal ReEnterprised podcast, Head of Content Chris Smith talks with Woodrow Winchester III, manager of University of Texas at Austin’s Cockrell School of Engineering Petroleum Extension (PETEX).

PETEX is a continuing education program for oil and gas professionals across the industry’s upstream, midstream, downstream, and health, safety & environment (HSE) segments. It offers a combination of instructor-led training in a variety of settings—including bespoke on site courses—and self-study e-learning programs covering topics from exploration and well control to refining and transportation.

During the conversation, Chris and Woodrow talk about the evolution of PETEX’s mission over its decades of operation, Rig School (the star of its current lineup), and the program’s approach to emerging energies such as hydrogen. The two also consider the continued role of in-person training and knowledge-housed-in-humans in the face of an ever-expanding universe of artificial intelligence.

https://petex.utexas.edu/

www.linkedin.com/company/utpetex/

https://www.facebook.com/UTPETEX/

Email for questions, instructors, or company inquiries: execed@petex.utexas.edu

Strait of Hormuz disruptions are tightening global oil and LNG markets, with recovery expected to remain slow even if conflict eases. Ongoing security risks, damaged infrastructure, and constrained shipping capacity are limiting exports, while clearing waterways and restoring normal tanker flows could take months.

Recovery will vary across Gulf producers. Saudi Arabia and the UAE are better positioned due to stronger domestic supply chains, while Iraq and Kuwait face delays tied to reliance on imported equipment and foreign expertise. Global shortages of specialized energy components are expected to further extend timelines.

The result is a sustained global supply deficit, with inventories declining and limited response from non-OPEC+ producers, keeping market conditions tight well into 2026.