US upstream oil and gas dealmaking hit two-year high in Q1 2026

Dealmaking in the U.S. upstream oil and gas sector reached $38 billion in the first quarter, the highest quarterly total in two years. The figure signals a notable rebound in sector M&A activity, suggesting improving confidence among buyers and sellers in upstream assets. While the report is broadly positive for energy transaction sentiment, it is more of a sector-level datapoint than a direct market catalyst.

Analysis

Dealmaking in the U.S. upstream oil and gas sector reached $38 billion in the first quarter, the highest quarterly total in two years. The figure signals a notable rebound in sector M&A activity, suggesting improving confidence among buyers and sellers in upstream assets. While the report is broadly positive for energy transaction sentiment, it is more of a sector-level datapoint than a direct market catalyst.