Oil & Gas Journal ReEnterprised

Despite a slowdown in headline deal values this spring, upstream mergers and acquisitions remain active beneath the surface. In this ICYMI episode of the Oil & Gas Journal ReEnterprised podcast, Mikaila Adams, managing editor, examines data from Enverus and Rystad Energy detailing international and North American upstream deal markets in 2025 and into 2026. The discussion explores how pricing uncertainty widened the gap between buyers and sellers, creating a temporary pause rather than a collapse in market activity. The episode also looks at where capital continues to flow and what those trends reveal about the industry's direction. From North American consolidation led by the Devon Energy–Coterra Energy merger to continued interest in gas-weighted assets tied to Gulf Coast LNG exports, the analysis highlights the forces shaping today's upstream M&A landscape. It also considers the likelihood of additional divestitures, private equity activity, and asset sales as companies refine their portfolios, pointing to continued dealmaking momentum even in a more volatile market. References Devon, Coterra joining forces to create 1.6 million boe/d shale titan https://www.ogj.com/general-interest/companies/news/55354563/devon-coterra-joining-forces-to-create-16-million-boe-d-shale-titan Ovintiv to divest Anadarko assets for $3 billion https://www.ogj.com/general-interest/companies/news/55358241/ovintiv-to-divest-anadarko-assets-for-3-billion Mitsubishi to enter US shale gas business through Haynesville asset acquisition https://www.ogj.com/general-interest/companies/news/55344199/mitsubishi-to-enter-us-shale-gas-business-through-haynesville-shale-acquisition Shell to expand Canadian operations with $16.4-billion acquisition of ARC Resources https://www.ogj.com/general-interest/companies/news/55373597/shell-to-expand-canadian-operations-with-164-billion-acquisition-of-arc-resources US upstream M&A hits $38 billion in 1Q26 before volatility temporarily pauses the market https://www.enverus.com/newsroom/u-s-upstream-ma-hits-38-billion-in-1q26-before-volatility-temporarily-pauses-the-market/ International upstream M&A stuck at historic low https://www.enverus.com/newsroom/international-upstream-ma-stuck-at-historic-low/ Upstream deal value falls 83% as oil price uncertainty widens the buyer-seller gap https://www.rystadenergy.com/insights/upstream-deal-value-falls Iran war impact on global oil markets https://www.ogj.com/IranWar

Strait of Hormuz disruptions are tightening global oil and LNG markets, with recovery expected to remain slow even if conflict eases. Ongoing security risks, damaged infrastructure, and constrained shipping capacity are limiting exports, while clearing waterways and restoring normal tanker flows could take months. Recovery will vary across Gulf producers. Saudi Arabia and the UAE are better positioned due to stronger domestic supply chains, while Iraq and Kuwait face delays tied to reliance on imported equipment and foreign expertise. Global shortages of specialized energy components are expected to further extend timelines. The result is a sustained global supply deficit, with inventories declining and limited response from non-OPEC+ producers, keeping market conditions tight well into 2026.

In this ICYMI episode of the Oil & Gas Journal ReEnterprised podcast, downstream editor Robert Brelsford explains why the technical content he encounters at one refining conference delivers real value. He highlights content that includes candid case studies, targeted training, and practical insight focused on delayed coking, FCC, and sulfur recovery operations.

In this Market Focus episode of the Oil & Gas Journal ReEnterprised podcast, Conglin Xu, managing editor, economics, takes a look into the LNG market shock caused by the effective closure of the Strait of Hormuz and the sudden loss of Qatari LNG supply as the Iran war continues. Xu speaks with Edward O’Toole, director of global gas analysis, RBAC Inc., to examine how these disruptions are intensifying global supply constraints at a time when European inventories were already under pressure following a colder-than-average winter and weaker storage levels. Drawing on RBAC’s G2M2 global gas market model, O’Toole outlines disruption scenarios analyzed in the firm’s recent report and explains how current events align with their findings. With global LNG production already operating near maximum utilization, the market response is being driven by higher prices and reduced consumption. Europe faces sharper price pressure due to storage refill needs, while Asian markets are expected to see greater demand reductions as consumers switch fuels. O’Toole underscores the importance of scenario-based modeling and supply diversification as geopolitical risk exposes structural vulnerabilities in the LNG market—offering insights for stakeholders navigating an increasingly uncertain global gas landscape.

In this bonus episode of the Oil & Gas Journal ReEnterprised podcast, Head of Content Chris Smith is joined by Jim Krane, the Diana Tamari Sabbagh Fellow in Middle East Energy Studies and Center for Energy Studies Lead for Energy and Geopolitics in the Middle East at Rice University’s Baker Institute for Public Policy. The two discuss the regional political forces shaping the Iran war so far, exactly how vulnerable the Strait of Hormuz is, and—shifting inland—what’s in it for the Kurds.

In this Insights episode of the Oil & Gas Journal ReEnterprised podcast, Head of Content Chris Smith updates the evolving situation in Venezuela as the industry attempts to navigate the best path forward while the two governments continue to hammer out the details. The discussion centers on the new legal frameworks being established in both countries within the context of fraught relations stretching back for decades. Want to hear more? Listen in on a January episode highlighting industry's initial take following the removal of Nicholas Maduro from power. References Politico podcast Monaldi Substack Baker webinar Washington, Caracas open Venezuela to allow more oil sales

In this Insights episode of the Oil & Gas ReEnterprised podcast, OGJ Head of Content Chris Smith talks with Bob Crossen, Vice-President of Content Strategy for the Water and Energy Groups of Endeavor Business Media, about the latter’s first trip to the world’s largest oil and gas trade show: Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC). Conference themes discussed as they relate to the year ahead include the shift from automation to autonomy, AI, the energy addition, and sustainability.

In this, the final Oil & Gas Journal ReEnterprised podcast episode of 2025, Mikaila Adams, managing editor, along with a team of OGJ editors, walks readers through content that most captured readers’ attention throughout the year. In this episode, you’ll hear short recaps of this year's most-read content from OGJ.com...shared in our editors’ own words...with thoughts to carry into 2026. Give it a listen...you don't know what you may have missed! References Laura 2024 Worldwide Reserves/Production tables 2025 Worldwide Reserves/Production tables Conglin 2025 Forecast & Review webinar 2026 Forecast & Review webinar (REGISTER TODAY!) Geert Aethon president: Natural gas needs to top $5 to spur Haynesville investment Mikaila TGNR adds East Texas gas assets in $525-million deal with Chevron Chris Venture Global withdraws Delta LNG from pre-filing to focus on Plaquemines expansion Alex Shell starts oil production from deepwater Gulf of Mexico Whale development Shell designed Vito development for present deepwater economics Chevron Anchor pioneers 20K subsea development

In this Then & Now episode of the Oil & Gas Journal ReEnterprised podcast, Statistics Editor Laura Bell-Hammer takes listeners on a journey through three decades of oil-market transformation. Bell-Hammer looks back at the mid-1990s, when US production was believed to be in irreversible decline, fast-forwarding to today’s record production highs powered by shale technology, deepwater advances, and new global producers. From the Permian basin to Brazil’s presalt and Guyana’s meteoric rise, this episode reveals how technology reshaped the world’s supply map.

In this episode of the Oil & Gas Journal ReEnterprised podcast, OGJ managing editor Mikaila Adams sits down with Andrew Stakelum, an energy disputes partner at King & Spalding LLP, to unpack oil and gas decommissioning from a big picture standpoint. Wondering what happens when an operator goes bankrupt? Or when decades-old wells still need to be plugged? Stakelum explains why decommissioning is a business and regulatory puzzle shaped by bankruptcy law, fragmented oversight, and shifting federal rules. From 'boomerang liability' to the ripple effects of financial assurance requirements, the conversation notes how operators, regulators, and sureties are all recalibrating in real time. About our guest Andrew Stakelum is an energy disputes partner in King & Spalding’s Houston office. His focus on the energy industry includes the oil and gas, renewables, and refining sectors. A key aspect of Andrew’s energy practice involves helping clients navigate the highly regulated environments in which they operate. Stakelum holds a J.D., cum laude, from Tulane University Law School; and a B.B.A., magna cum laude, from the University of Georgia.

In this episode of the Oil & Gas Journal ReEnterprised podcast, Chris Smith, editor-in-chief, talks with Kristin Leonard, North American Marketing Director for the Energy Market at Sherwin-Williams. They discuss the causes and consequences of CUI, including its impact on asset integrity and operational safety. This episode offers insights into how evolving engineering solutions are addressing long-standing challenges in energy operations. This episode is sponsored by Sherwin-Williams.

In this Market Focus episode of the Oil & Gas Journal ReEnterprised podcast, Conglin Xu, Managing Editor - Economics, asks Dr. Robert Brooks about his outlook on global LNG markets and the forces shaping prices in the near and long term. Dr. Brooks is CEO and founder of RBAC, a provider of global and regional gas and LNG market simulation systems. Brooks highlights how storage levels, new supply projects, and shifting demand across key regions could influence market dynamics well into the next decade. The conversation explores the geopolitical weight of Russia-China gas agreements and how these moves may ripple through the global energy system. The discussion includes a look at how importers are balancing short-term and long-term LNG strategies in a volatile market. From Europe’s uncertainties to Asia’s energy security priorities, the discussion outlines tensions shaping contracting decisions—and what an expected wave of new LNG supply might mean for emerging economies.

In this first part of a two-part Insights episode of the Oil & Gas Journal ReEnterprised podcast, Alex Procyk, upstream editor, talks about opportunities and challenges related to produced water in the Permian basin. Joining Procyk is Laura Capper, chief executive officer of EnergyMakers Advisory Group and CAP Resources. Capper holds a BS (1983) in electrical engineering with a minor in bioengineering and computer science from Rice University, Houston. She is active with the Produced Water Society and the New Mexico Produced Water Recycling Consortium. Together, Procyk and Capper discuss Permian produced water disposal challenges, new permitting guidelines, and beneficial reuse options.