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M&A

Permian Basin pumpjacks operating at sunset, West Texas oil production

The Consolidation Aftermath: How the Majors Remade the Permian

By mid-2024, the Permian Basin had been fundamentally reshaped by a wave of mergers that will define the basin's operating landscape for the next decade. ExxonMobil's $59.5 billion acquisition of Pioneer Natural Resources closed in May 2024. ConocoPhillips closed its $22.5 billion acquisition of

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

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

The Independents Dilemma: Grow or Get Acquired?

The wave of consolidation that swept through U.S. upstream oil and gas between 2023 and 2025 fundamentally altered the competitive landscape. ExxonMobil absorbed Pioneer. Chevron acquired Hess. ConocoPhillips added Marathon Oil. Occidental swallowed CrownRock. Diamondback consumed Endeavor. In the wake of these transactions, a question that once seemed abstract