US shale patch dealmaking stays sluggish
Several prominent deals have helped partially salvage M&A activity, but conditions still look gloomy
The Covid-19 pandemic has had a significant impact on M&A activity in the US shale sector. The pace of deal-making fell to its lowest level in ten years across the first half of 2020 as the WTI price went negative for the first time in history and global energy demand nosedived. Deal-making recovered sharply in Q3 as several high-profile corporate moves helped buck the downward trend. Chevron completed a $13bn acquisition of US independent Noble Energy in July, the fourth-largest upstream deal in the last five years. The transaction represented over 60pc of the total value of M&A completed across the quarter. Noble’s Eastern Mediterranean portfolio was a core motivation for the mer
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
