U.S. Upstream Oil Mergers Reach $38 Billion in First Quarter

U.S. upstream oil mergers reached $38 billion in the first quarter of 2026, the highest quarterly total in two years. U.S. shale patch increased after a period of lower activity. The total marked a rebound from the previous slump, according to data compiled by Enverus Intelligence Research.

Activity slowed sharply in March amid higher volatility connected to the Middle East conflict. com reported that the quarterly figure still exceeded recent periods despite the late-quarter dip.

The largest deal of the quarter was an all-stock merger between Devon Energy and Coterra Energy valued at $25 billion. 70 shares of Devon Energy stock for each share they owned. The transaction created a combined enterprise value of roughly $58 billion and gave the new company a large position in the Delaware Basin.

Enverus analyst Andrew Dittmar stated in a May 13 report that higher oil prices are expected to support additional corporate mergers and private asset sales.