The Latest

M&A Experts: Expect Brisk Return to Deal Flow in Second Half

Private equity firms are loaded for “pent-up” portfolio rationalization after rampant industry consolidation, particularly in the Permian—but the timing is anyone’s guess.

E&P Highlights: June 16, 2025

Here’s a roundup of the latest E&P headlines, including the third major transaction this month for Baker Hughes and an explorer award for Exxon Mobil.

Permian Resources Closes $608MM Bolt-On of APA’s Delaware Assets

Permian Resources’ acquisition of New Mexico assets from APA Corp. includes 13,320 net acres and average production of 12,400 boe/d.

Espada E&P Startup Nabs Carnelian Backing for Onshore M&A Run

Espada Energy Partners, backed by Carnelian funds, joins a new wave of startup E&Ps hunting for M&A opportunities.

Baker Hughes Buys Continental Disc for $540MM

Baker Hughes announced its third transaction this month—this time to acquire pressure management solutions provider Continental Disc Corp. for $540 million—as the company seeks to optimize its portfolio.

TotalEnergies Expands Offshore Malaysia, Indonesia with Petronas Deal

TotalEnergies acquired offshore positions from Petronas, reinforcing its strategic LNG growth platform.

Reports: Mitsubishi Targeting Haynesville E&P Aethon in $8B Deal

Japan’s Mitsubishi is reportedly in talks to acquire Aethon Energy’s Haynesville assets in a deal that could be worth $8 billion.

The Asian Buyers are Coming and They’re Ready to ‘Overpay’

Asian buyers of U.S. oil and gas property “have a lower cost of capital to begin with and lower return thresholds,” an M&A advisor said. Their math on what a property is worth is different than the math U.S.-based oil and gas producers use.

DNO Completes $450MM Acquisition of Sval Energi

Norweigian operator DNO says its deal to acquire Sval Energi quadruples its North Sea output.

ADNOC, Carlyle Offer $18.8B for Australia’s Santos Ltd.

Santos Ltd. has received a final, non-binding offer from a consortium led by Abu Dhabi National Oil Co., or ADNOC, that represents a 28% premium over the company’s June 13 closing price.