
Upstream merger and acquisition (M&A) activity is expected to slow significantly in 2025 following two years of record-high transactions driven by US shale mergers. The global deal pipeline value stands at approximately $150 billion as much of the sector’s consolidation has run its course, making a return to recent peaks unlikely. Furthermore, geopolitical tension in the Middle East, the ongoing conflict in Ukraine and the UK’s challenging fiscal environment are expected to create notable headwinds for market participants. North…