US shale deal-making stirs to life
Domestic acquisitions gain momentum after woeful performance across the first three quarters of the year
US shale M&A activity is suddenly gathering pace from a lethargic first three quarters of the year as firms eye deal-making opportunities Deal-making slumped to its lowest level in a decade in January-September on the back of Covid-19 uncertainty and no sign of anything but a moderate price recovery following the Q1 crash. But heading into the final quarter of the year, US independent ConocoPhillips agreed to acquire Texas-based Concho Resources for $13.3bn, the largest upstream shale deal since Australian producer BHP completed a $15bn takeover of independent Petrohawk in 2011 (see Fig. 1). And fellow US indie Pioneer Natural Resources struck a deal for shale peer Parsley Energy for $7
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
