2025 M&A and A&D ANNUAL REVIEW

Energy Advisors Group has released our 2025 Annual M&A and A&D Recap report including quick comments on early 2026 activities and near term market momentum.

As for 2025, our Annual Report includes commentary on trends since 2010 on valuation multiples for oil and gas, deal sizes and areas and follows up 4 quarterly reports we published earlier in the year. Finally, our 2025 report also includes a Special Section looking at U.S. focused mergers since 1980. As we have reported on multiple times, we are currently in a consolidation wave that began in 2023 driven by shale maturities and lower relative oil prices.

As an addendum, to this 19 page reports, our firm has also published a Supplemental Report that captures all of 2025's Significant Deals in a special report that is available upon request by emailing bdornak@energyadvisors.com.

2025---

Here are some quick highlights from our Annual 2025 report:

2026---

Here are some quick highlights of current market themes as roll into 2026:.

Current Market Themes:

------- 2026 Is Off To A Strong Start. Through February 18, there's been $37B in deals, up >55% over all of 4Q2025 led by Devon's merger with Coterra ($25.3B).

------- More Large Deals Are In The Works. Including Exxon's Eagle Ford exit, Ascent Resources (Utica) courtship, a potential exit offshore by Beacon and Conoco looking to offload another $2B. The market is also awaiting any firm plans regarding asset rationalization (Marcellus, Anadarko, Eagle Ford) coming from the Devon-Coterra merger.

------- International Buying Momentum. Mitsubishi just made its largest ever corporate buy paying $7.5B for Haynesville Aethon. This followed other Japanese buys from JERA and JAPEX. Offshore, UK's largest independent Harbour Energy paid $3.2B for deepwater focused LLOG.

------- Consolidation. The US oil & gas industry has gone through multiple waves of consolidation dating back to 1980. We've tracked these over time. The current wave began in 2023 and has now seen 15 public E&Ps exit.

------- Private Equity Is Hunting. Adding to the competitive pressure for PDP assets with running room for expert development are 15+ seasoned team that are re-booting and armed with $5B+ in private equity backing. We expect to see more buying from this group in 2026.

#1---

Here is one of the slides touching on new year trends for 2026:

#2---

Here is page two of taken from our 2025 Annual Report that touches on new year opportunities:

#3---

As we noted above, the 2025 Annual Report also incl two slides on M&A Consolidation. Here is a striking slide of consolidation waves since 1980

The full 19-page report is available to the right through the VDR platform.

We have a Supplement Report that analyzes 2025's Significant Deals. Interested parties desiring to see the entire 29 Supplement Report should email any one of us down below.

Final Note----

Energy Advisors Group is working hard to expand our thought leadership and look forward to providing additional market insight for our clients through regional perspectives, M&A analysis and market monitor. Our firm has been serving the needs of buyers, sellers and capital providers for over thirty-five years and welcomes an opportunity to work for sellers to monetize their assets.

TO LEARN MORE AND RECIEVE A COPY OF THE TWO REPORTS CONTACT :

Blake Dornak

Vice President

Phone: 713-600-0169

– Email: bdornak@energyadvisors.com

Brian Lidsky

Director

Phone: 713-600-0138

– Email: blidsky@energyadvisors.com

Corporate Office:

4265 San Felipe Ste 650

Houston TX 77027

Corporate Switchboard: 713-600-0123