US upstream M&A value climbs to $12.6 billion in third quarter, Enverus says
XLE•US upstream oil and gas deal value rose to $12.6 billion in the third quarter, from $11.5 billion in the preceding quarter. Private-to-public transactions made up roughly two-thirds of disclosed third-quarter deal value.
1. Third-quarter deal value
US upstream oil and gas deal value rose to $12.6 billion in the third quarter from $11.5 billion in the preceding quarter. Private-to-public transactions accounted for roughly two-thirds of disclosed deal value.
2. October transactions
Enverus said a surge in October included EQT Corporation’s $13.8 billion acquisition of Range Resources and Crescent Energy’s $4.2 billion purchase of Devon Energy’s Eagle Ford assets. Total US upstream deal value for 2026 was $80.5 billion so far, exceeding last year’s total.
3. Outlook for deals
Enverus said deal markets are likely to maintain momentum as high oil prices linger, and noted that the Permian still has a few targets. Principal analyst Andrew Dittmar said the firm expects more non-core asset sales and continued corporate consolidation.
