What $100 Oil Prices Mean for Oil and Gas Dealmaking

Will continued elevated oil prices lead to more deal activity in the U.S. shale patch? Jason Bennett, department chair of global projects at Baker Botts, gives his take on what to expect.


Global oil and gas M&A activity was red-hot in 2021. In U.S. shale basins, deal making reached an eight-year high value of $59.6 billion, with the majority of deals in the Permian.

Now with prices soaring to upper 90s per barrel, there is “plenty of room for megadeals,” according to Jason Bennett, department chair of global projects at Baker Botts.

“Consolidation is still order of the day…There is no doubt that the larger oil and gas companies are likely to find more assets,” he told Hart Energy’s Faiza Rizvi.

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Faiza Rizvi

Faiza Rizvi is a senior editor of ESG for Hart Energy's editorial department, with a strong focus on E&P Plus and HartEnergy.com. She has been covering all facets of the U.S. and international energy industry for over 5 years.