How Will 2025 Upstream M&A Reshape Global E&P Strategies?

Question

I recently read the Global Upstream Mergers & Acquisitions Review special report and had a few follow-up questions:

The report highlights how energy companies are navigating ongoing geopolitical risks and commodity price volatility, with disciplined capital spending and a renewed focus on M&A shaping portfolio strategies.

Given the growing importance of mergers, acquisitions, and divestments for replacing declining reserves and optimizing portfolios, how do you see M&A activity influencing the global E&P landscape in the near term? What emerging trends or deal types do you expect to be most impactful in 2025 and beyond?

I’d love to hear everybody's expert perspectives on the opportunities and risks ahead.

Link to the special report: Global Upstream M&A Outlook | S&P Global