Upstream M&A Outlook: Balancing Caution with Opportunity

The upstream oil and gas sector is at a crossroads.

In this episode of the Oil and Gas Trends Report, we break down the shifting dynamics of upstream M&A in 2025—a year that began with strong momentum but now faces rising uncertainty. From record-breaking deals to tightening market conditions, we explore how capital discipline, asset scarcity, and evolving global trends are reshaping the M&A landscape.

Inside the episode:

• Why 2025 is shaping up to be a year of transition for upstream M&A
• The story behind Q1’s $17B in deal volume—and what’s slowing things down
• How valuations, market caution, and inventory scarcity are impacting strategy
• Global insights: North America’s dominance, Latin America’s surprises, and geopolitical headwinds
• Smart plays for forward-thinking operators: conventional deals, creative structures, and selective acquisitions

We also spotlight critical industry themes—from rising natural gas prices and Australia’s energy policy shift to the renewed focus on AI-driven efficiency and resource capture.

If you're navigating the upstream energy sector, this episode offers timely insights and actionable strategies for staying competitive in a more cautious, complex market.