Calgary-based Enverus Intelligence Research said last week after a 2025 midyear slowdown, upstream mergers and acquisitions activity regained momentum in fourth quarter. M&A closed in 4Q with $23.5 billion in announced deals to bring fullyear activity to $65 billion. Enverus said Jan. 26, “The rebound reflects a deeper bench of motivated buyers including refunded private equity teams, increased use of securitized financing, and new international entrants all competing for scarce assets.”
Andrew Dittman, principal analyst, added, “Fresh capital is back in the field, and the buyer mix has broadened in a way that keeps pricing firm.”
Enverus said, “Deal flow in 4Q25 highlighted stronger activity outside the Permian’s premium corridors… Permian-only transactions were a minor portion of 4Q25 value reflecting the scarcity of top-tier packages coming to market and limited willingness among Permian pure-play E&Ps to exit. The few remaining private operators holding high-quality Permian assets are likely waiting for a more constructive crude price environment… With fewer top-tier Permian packages transacting, the market’s center of gravity should continue to broaden toward gas-weighted plays and non-core regional opportunities.”
Enverus said the top transaction in 4Q was SM Energy’s $7.69 billion acquisition of Civitas Resources.
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