US upstream oil and gas deal value reached $38 billion in Q1 2026, the highest quarterly total in two years (Enverus).
Devon Energy and Coterra Energy’s $25 billion merger accounted for the bulk of Q1 activity, closing last week after February announcement.
Deal flow slowed in March as Brent prices fluctuated $77.74‑$118.35 per barrel after U.S.–Israeli strikes on Iran disrupted Hormuz shipping.
Enverus expects higher oil prices to revive dealmaking, enabling private E&P firms to pursue sales and further sector consolidation.