Market Monitor

As part of our ongoing MarketMonitor series, Energy Advisors Group has prepared this 6-page "Letter From Dallas" following Hart's 24th Annual A&D Strategies and Opportunities held in Dallas on September 11, 2025.

Our own Brian Lidsky, Director Energy Advisors, served on the Conference's Advisory Council and also spoke at the well-attended conference.

This report highlights the pulse of A&D dealmakers and what's driving deal flow. Who's playing, what's moving and an outlook. Across the board, virtually all folks joined in the refrain "it's a seller's market" - particularly for gas and "high quality" drillable oil assets in a lower price environment.

Here’s 6 Quick Takeaways —

• It’s a Sellers Market!
• There is a hungry buyer universe eager to deploy capital sourced from private equity, family offices, private investors plus high valued publics.
• There is solid value being paid for PDP
• Some analysts say the market is selectively paying for “high quality” PUDs that breakeven at $50 oil.
• The Feds cutting interest rates could also help buyers bid higher.
• Hot Minerals and NonOp Sectors!
• The competition for minerals and NonOp assets is “fierce”.
• Viper is now the dominant player in the public space which has consolidated.
• On the private side, the appetite is very strong from family offices, fund managers and private equity.
• Consolidation Continues?
• The Delaware Basin, Eagle Ford, Anadarko and Bakken are still ripe for more while Canadian players could see action in the Montney. 
• The DJ, Haynesville, Midland, Uinta and Appalachia have much higher levels of concentration leaving less to merge.
• More Public-to-Public Mergers? 
• CRC takedown of Berry highlights another sound merger strategy.
• Public companies are dwindling, and deals remain unpredictable.
• The valuation spread between large cap E&Ps (4.5x EV/EBITDA) vs small caps (3.0x) will like drive MORE consolidation.
• Oil vs. Gas? 
• Not a lot of motivation to bring oil assets to market, unless you’re forced to.
• Fierce competition for gas assets. Those connected to the Gulf Coast top the list. International buyers wading in. Outlook strong.
• ABS Increasing! 
• ABS (insurance/pension funds) is growing to fuel for more PDP deal flow.

Below are 2 excerpts from the Monitor.

This 1st Slide is highlights of our talk at the Conference addressing the Post-Consolidation landscape, P/E activity, Conventional PDP consolidation, Emerging Plays and Will Exploration make a Comeback? -----

This 2nd Slide is a summary of two talks by Kimmeridge & Enverus on Consolidation (where, who, why?) -----

The FULL 6-page report is available for download to the right.

Energy Advisors Group is working hard to expand our thought leadership leveraging our decades of industry expertise. We look forward to providing additional market insight for our clients through Market Monitor, Regional Perspectives, Deal Alerts and Quarterly M&A Outlook. 

Our firm has been serving the needs of buyers, sellers and capital providers for over thirty-five years. We stand ready to assist asset owners in a competitive divestment process and to help buyers find off-market strategic assets for their portfolio. Call Rich Martin at 214-744-2495 or email rmartin@energyadvisors.com for a private consultation.

TO LEARN MORE:

Blake Dornak

Vice President

Phone: 713-600-0169

– Email: bdornak@energyadvisors.com

Brian Lidsky

Director-Research & Special Projects

Phone: 713-600-0138

– Email: blidsky@energyadvisors.com

IF YOU NEED ASSISTANCE downloading the full report or creating a login into our platform , contact:

Stephanie Epps

– Email: stephanie@energyadvisors.com

This article is for informational purposes only and not intended as financial advice. Please conduct your own research before investing.