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shale play, dominated by Chevron, Occidental (Oxy), and Civitas Resources thanks to aggressive M&A since 2018. While not as prolific as the Permian or Eagle Ford, it offers strong midstream infrastructure and low breakeven costsmany sub-$50/bbl. mcf/bbl in 2019 ~6.95 mcf/bbl in 2025).
Upstream M&A opened 2025 with $17 billion in deal value, the second-best start to a year since 2018. That year oil still averaged a relatively strong $78/bbl though, different from a move towards the lower end of its cyclical trading range that 2025 is witnessing.
The M&A summary follows Enverus release of Investor Analytics , a tool designed to offer investors a comprehensive view of key market dynamics.Upstream M&A opened 2025 with $17 billion in deal value, the second-best start to a year since 2018.
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