Market research firm Enverus found that mergers and acquisitions (M&A) in the US reached $12.6 billion in the third quarter, up from $11.5 billion in the previous quarter.
The transactions were led by private equity divestments, with publicly traded operators such as Matador Resources and Magnolia Oil and Gas expanding their inventory positions.
International companies also expanded their gas positions, while asset-backed securitization groups sought mature producing assets.
However, October alone surpassed the previous quarter's total with EQT's $13.8-billion all-stock acquisition of Range Resources and Crescent Energy's $4.2-billion purchase of Devon Energy's Eagle Ford Shale properties.
The EQT transaction will create a company with pro forma production of 9 Bcf/D equivalent and marks the first major combination of two gas producers since Chesapeake Energy and Southwestern Energy merged in 2024.
So far, 2026 has recorded $80.5 billion in transactions, a total that Enverus said has already surpassed all M&A activity in 2025.
“Sustained higher oil prices and steady international demand for US gas keep pushing asset prices higher. Competitive bidding means buyers can no longer win deals by paying only for well-delineated inventory. They are underwriting value beyond the base case, whether that is emerging intervals in the Permian or redevelopment potential in the Eagle Ford,” Andrew Dittmar, a principal analyst at Enverus Intelligence Research, said in a statement.
Enverus added in its research note that private-to-public transactions represented about two-thirds of total third-quarter deal value. The dealmaking came amid rising oil prices stemming from the US-Iran conflict, which has disrupted oil flows from the Middle East.
The quarter's largest transaction was WildFire Energy's sale of its Eagle Ford assets to Magnolia in July for more than $4 billion. The second largest was private operator Birch Permian's sale of its Permian Basin assets to Diversified Energy for $1.8 billion in September. Another notable Permian transaction saw Matador acquire Paloma Permian for more than $1.2 billion in July.
The Permian accounted for more than one-third of total third-quarter deal value, the highest share of any US play. Enverus noted that the basin remains "the undisputed king" for unlocking new productive formations and added that the value of Continental Resources' acquisition of FireBird Energy was not disclosed.
Higher oil prices have also supported increased activity in the mature Eagle Ford, which recorded its highest deal value since 2018.
Enverus noted that the Eagle Ford's redevelopment potential is attracting buyer interest. This includes refracturing programs and the drilling of new wells using modern designs in areas adjacent to existing production.
“The industry is continuing to innovate as inventory dwindles, and [explorers and producers] are finding opportunities to unlock additional oil resource,” said Dittmar. “Naturally, these strategies are also being considered when evaluating deals and are increasingly becoming part of the value proposition for buyers.”
There were also some notable transactions involving international firms during the third quarter. These included Azerbaijan's state-owned oil company SOCAR acquiring a stake in Comstock Resources' Haynesville Shale assets and South Korea's POSCO International purchasing Chord Energy's nonoperated Marcellus Shale assets in Pennsylvania.
Enverus expects US M&A activity to remain strong because of elevated oil prices, particularly in the Permian, where opportunities remain despite high valuations due to continuing interest in emerging intervals. By contrast, the Williston Basin has seen less activity than other US plays, though that could change as private operators seek to exit positions before oil prices decline.