US Upstream M&A Market Rebounds in Q4, Hits $23.5 Billion

Enverus reports a surge in oil and gas mergers and acquisitions activity in the final quarter of 2025.

Jan. 28, 2026 at 9:07am

Got story updates? Submit your updates here. ›

The U.S. upstream mergers and acquisitions (M&A) market regained momentum in the fourth quarter of 2025, reaching $23.5 billion in announced deals and pushing full-year activity higher, according to a report by energy analytics firm Enverus. This rebound follows a mid-year slowdown earlier in the year.

Why it matters

The uptick in upstream M&A activity signals increased consolidation in the oil and gas industry as companies look to expand their asset bases and boost production amid rising energy demand. This trend could lead to larger, more efficient operators that are better positioned to weather market volatility.

The details

Civitas Resources, Inc., an independent oil and gas producer focused on the Denver-Julesburg (DJ) and Permian Basins, was a key player in the Q4 M&A surge. The company has a total production of around 280,000 barrels of oil equivalent and significant acreage positions in both the DJ Basin (453,600 net acres) and the Permian Basin (68,500 net acres).

  • The U.S. upstream M&A market reached $23.5 billion in announced deals in Q4 2025.
  • This represents a rebound from a mid-year slowdown earlier in 2025.

The players

Civitas Resources, Inc.

An independent, domestic oil and gas producer focused on development of its assets in the Denver-Julesburg (DJ) and Permian Basins.

Enverus

An energy analytics firm that reported on the rebound in U.S. upstream M&A activity in Q4 2025.

Got photos? Submit your photos here. ›

The takeaway

The surge in upstream M&A activity in Q4 2025 suggests the oil and gas industry is consolidating, with larger, more efficient operators emerging that may be better positioned to navigate market volatility and capitalize on rising energy demand.