What was the total value of U.S. upstream oil and gas dealmaking in Q1 2026, and what single transaction accounted for the largest share?

U.S. upstream oil and gas dealmaking totaled $38 billion in Q1 2026, the highest quarterly figure in two years. The $25 billion merger between Devon and Coterra accounted for the lion's share of that activity.

Why did dealmaking slow sharply in March 2026, and how did geopolitical events impact oil price volatility?

Dealmaking slowed sharply in March due to surging crude price volatility triggered by U.S.-Israeli strikes on Iran in February, which escalated into a broader Middle East conflict and disrupted shipping through the Strait of Hormuz; since February 28, Brent crude futures swung from $77.74 to $118.35 per barrel.

US Upstream Oil and Gas Dealmaking Hits Two-Year High in Q1 2026

May 13, 2026

U.S. upstream oil and gas dealmaking reached $38 billion in Q1 2026, driven by Devon-Coterra's $25 billion merger. Despite March volatility from Middle East conflicts, analysts predict an M&A rebound fueled by sustained higher oil prices.

reuters

2026-05-13

US Upstream Oil and Gas Dealmaking Hits Two-Year High in Q1 2026

US Upstream Oil and Gas Dealmaking Hits Two-Year High in Q1 2026

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