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According to a recent report released by the North American consulting firm Bain & Company, although integration in the oil and gas industry continues and its effects extend across the entire energy sector as well as the macroeconomy, M&A activities in the fossil fuels industry over the past decade have not been widespread; instead, they have been concentrated among a few key companies. The report indicates that the oil and gas industry is characterized by a scenario in which a few companies dominate most transactions and create the core value. Over the past decade, just 20 companies have been responsible for 53% of all M&A transactions in this industry. The participants include not only traditional oil giants but also independent companies such as Diamondback Energy, as well as large midstream firms like ONEOK and Energy Transfer. These companies that are not among the top giants are gradually taking over market share and reshaping the structure of the industry. Companies that frequently carry out mergers and acquisitions also deliver excess returns to their shareholders. Over the past decade, companies that completed at least one M&A deal per year saw shareholder returns that were 130% higher than those of companies that did not engage in any M&A activities. This gap has more than doubled compared to a decade ago. The reason for this is that mergers and acquisitions enable companies to achieve economies of scale, reducing unit costs through improved operational efficiency and infrastructure integration; this cost advantage is particularly crucial amid the decline in oil prices from their 2022 highs. The United States has become the core region of the oil and gas M&A boom. A report by consulting firm EY shows that M&A activity in the U.S. oil and gas industry surged by 331% on a year-on-year basis, reaching $206.6 billion, while the number of leading companies in this sector declined from 50 to 40. In the past two years, giants such as Chevron and ExxonMobil have carried out major acquisitions one after another. This month, Devon Energy’s deal to acquire Coterra Energy for nearly $26 billion has created another major domestic oil and gas company in the United States, second only to ExxonMobil, Chevron, and ConocoPhillips. This deal became a major event in the oil and gas industry following a relatively quiet period of M&A activities in 2025, and it is also seen as a potential signal of a new wave of consolidation. However, regarding future M&A trends, North American consulting firms believe that due to changes in demand patterns and increased oil price volatility, the M&A boom may cool down and shift in direction. Herb Lisle, an analyst at EY, said that ongoing uncertainties regarding supply and demand, prices, tariffs, and geopolitics make operational efficiency and capital discipline key competitive advantages for companies. Only those firms that can adapt quickly, make strategic investments, and integrate resources efficiently will be able to drive the next phase of development in the U.S. energy sector.