Combination of the Two: Midstream M&A Ramps Up, and More Is Likely on the Way

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M&A activity among oil and gas producers grabs the headlines — who doesn’t take notice when ExxonMobil acquires Pioneer Natural Resources or Chevron announces plans to buy Hess Corp.? But acquisitions in the midstream space can be just as impactful. After all, these companies gather, process, transport, store and export the crude oil, natural gas, NGLs and refined products that the ExxonMobils and Chevrons of the world produce. And midstreamers, like integrated giants and E&Ps, are seeking the scale, scope and synergies they think they will need to succeed in an increasingly competitive industry. In this new Drill Down Report, we discuss the major midstream deals of 2024 and 2025 to date.

Key takeaways from the report include:

  • Midstreamers joining forces can enable a broader range of services — and more destination optionality
  • M&A also enables companies to boost their asset base in key production areas
  • The Permian Basin is at the center of many deals, but the Eagle Ford and other areas also included
  • More acquisitions? Sure, but recent M&A has been limiting the number of targets

Combination of the Two” is included in RBN Energy’s 2025 Drill Down report series, a suite of reports covering many of the key issues expected to impact the markets for crude oil, natural gas and natural gas liquids. Drill Down reports are part of RBN Backstage Pass™ premium resources that also include Blog Archive Access, Spotcheck Indicators, Market Fundamentals Webcasts, Get-Togethers and more. By subscribing to RBN’s Backstage Pass™ Premium Services, you plug into our network and get direct access to our premium resources.

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