01Q26 QUARTERLY M&A REPORT

THIS IS THE ABBREVIATED MEDIA VERSION

Energy Advisors Group has released a 1Q 2026 Special Report on the U.S. A&D marketplace as a continuation of our Market Monitor Series and thought leadership efforts. The full 23-page Special Report provides perspectives on the outlook plus past and current trends in deal values, counts, plays and valuations.

Our firm has over 35 years of experience assisting clients navigate the marketplace to maximize their portfolios as advisors on both the sell and buy side. Energy Advisors also provides consulting services including asset management and optimization.

Here are our quick quotes, and current market themes from our report.

Quick Quotes:

------- How was the first quarter? "2026 started off to a hot start with $37.5B through Feb. 28, the start of the Iran war. The full quarter totaled $38.0B compared to $24.2B in 4Q25. However, a few large deals dominated and deal flow saw just 12 deals, down from 28 in 4Q25."

------- Metrics: "Before Iran War oil shock, the economic ratio of 15:1 with market multiples of $45,000 ppbo/d and $3,000 ppmcf/d.”

------- Globally: "Upstream, 1Q26 was $42.9.8B, up from $31.5B. US share 88%, Canada 2% and International 10%."

Market Themes:

------- Oil prices likely resetting higher. The 12-month strip is now ~$80 in mid-April (up ~$20) as oil markets shifted from oversupply to undersupply with Iran war oil shock. Longer term global oil demand trending higher.

------- U.S. natural gas demand is strong. About 20 Bcfpd of LNG and power driven growth in next five years bodes well for Gulf Coast-linked supply sources like Haynesville, Eagle Ford and Permian.

------- International buyers likely to remain active (and accelerate?) . U.S. and Canada are increasingly viewed as a safe haven for upstream investment. Japanese buyers already control ~30% of Haynesville.

------- P/E: Expect higher activity on both sell and buy sides. We’re tracking 15+ seasoned teams with $5B+ dry powder and higher oil price environment opens more opportunities. At the same time, long-held P/E assets are likely to re-enter the market, expanding deal flow.

------- ABS financing continues fueling PDP. With borrowing rates up to 75% PDP PV10 at fixed 6-7% rates and a strong appetite from insurance and pension funds for more, E&P consolidators leveraging this financing to continue impactful M&A.

------- M&A markets should resume once clarity arrives. Good news: The deal markets will resume once volatility subsides driven by a hungry buyer universe of private companies, family offices, P/E backed firms, international E&Ps, financial players and public E&Ps. There will be a steady flow of assets coming from long dated P/E backed firms seeking exit, public E&Ps portfolio optimization, and acreage holders development capital.

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Here is additional insight from the report taken from one of our slides:

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Here's Quarterly Takeaways and Quick Outlook:

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Here is a striking slide demonstrating public companies dominating the buyside:

The 12-page media report is available to the right.

Interested parties desiring to see the entire 23 page report should email any one of us down below for the complete version.

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.

TO LEARN MORE AND RECIEVE A COPY OF THE FULL REPORT CONTACT :

Blake Dornak

Vice President

Phone: 713-600-0169

– Email: [email protected]

Brian Lidsky

Director

Phone: 713-600-0138

– Email: [email protected]

Corporate Office:

4265 San Felipe Ste 650

Houston TX 77027

Corporate Switchboard: 713-600-0123