The U.S. upstream mergers and acquisitions market rebounded in Q4 2025, reaching $23.5 billion in announced deals, contributing to a total of $65 billion for the year. International buying hit a seven-year high of $7.4 billion, with significant focus on Gulf of Mexico and DJ Basin assets. The largest deal was SM Energy's merger with Civitas Resources, and the market is expected to remain active in 2026, driven by private capital and international interest.
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