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A&D

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

2025 A&D Year in Review: Deals That Defined the Year

The 2024 M&A supercycle — anchored by ExxonMobil's $60 billion Pioneer acquisition and ConocoPhillips' $22.5 billion Marathon Oil deal — left the 2025 A&D market with a high watermark to match. It did not. But the year was far from quiet, and the deals

Permian Basin pumpjacks operating at sunset, West Texas oil production

Private Operator Spotlight: The Permian's Hidden Giants

The narrative of Permian Basin consolidation focuses naturally on the names visible in quarterly earnings filings: ExxonMobil, Occidental, Diamondback, ConocoPhillips. These are the public companies whose acreage maps, production figures, and capital budgets are subject to SEC disclosure, analyst scrutiny, and quarterly calls with institutional investors. But beneath this public