The latest energy crisis has seen some countries switch from gas to coal power, but the long-term trend remains focused on renewables.

Despite geopolitical uncertainty and oil price volatility, upstream sector M&A reached $74.3 billion in the first quarter of 2026. Deal values for the quarter period were driven by the Devon Energy-Coterra Energy merger (for $58 billion), while Shell’s recent acquisition of Canadian shale gas player ARC Resources for $16.4 billion is the largest deal since the Iran conflict began. Exploration deals were abundant in Q1’26 and into the early weeks of this quarter, with numerous farm-ins and government awards across multiple established and frontier regions.