US upstream M&A value climbs to $12.6 billion in third quarter, Enverus says

Nov 5 (Reuters) - US upstream oil and gas third-quarter deal value rose to $12.6 billion, up from $11.5 billion in the preceding quarter, analytics firm Enverus Intelligence Research said on Thursday.

Here are details from Enverus:

• Increase reflected a steady quarter led by private-equity exits, followed by a surge in October that included the return of public E&P consolidation and public-to-public asset sales

• EQT Corporation EQT.N acquired Range Resources for $13.8 billion and Crescent Energy CRGY.N bought of Devon Energy's DVN.N Eagle Ford assets for $4.2 billion in October

• Total US upstream deal value for 2026 is $80.5 billion so far, exceeding last year's total

• Private-to-public transactions accounted for roughly two-thirds of disclosed third-quarter deal value

• Deals follow a period of elevated oil prices. Brent crude touched $118 a barrel last week, near its April peak of $126.41, before retreating to around $95 O/R

• Deal markets are likely to maintain momentum as high oil prices linger, adding that the Permian still has a few targets

• "We expect more non-core sales from public companies, with assets moving to a mix of public and private buyers. Dwindling core resource also favors continued corporate consolidation, as the companies holding core inventory and premium multiples use their equity to keep building scale," said Andrew Dittmar, principal analyst