A weekly update on issues important to the oil and gas industry
Haynesville shale production defied broader market softness in 2025, leading major U.S. basins with double-digit year-over-year growth despite heightened volatility and sub-cycle drilling activity. Efficiency gains, DUC drawdowns, and Gulf Coast demand dynamics allowed operators to sustain output even as natural gas prices fluctuated sharply.
M&A activity in the Haynesville Shale during 2025 was defined by selective, strategically driven transactions tied closely to LNG demand and Gulf Coast market access. While overall deal volume remained measured, international utilities and capital providers demonstrated sustained interest in long-duration gas assets, reinforcing the basin’s role as a long-term supply source within global natural gas portfolios.
Year-end 2025 is quickly approaching so that means it’s time to take a look back at the year. Here are the top ten posts for the year measured by readership.
Third-quarter commentary from E&P and oilfield service companies highlighted a cautious near-term outlook paired with growing confidence in long-term demand. While operators remain in “maintenance mode,” structural growth themes—LNG, data centers, offshore development, and water midstream—continue to shape strategy. Despite softer activity, companies emphasized free cash flow, efficiency, and positioning for stronger demand later in the decade.
Mercer Capital has its finger on the pulse of the minerals market. The most recent Mineral Aggregator Valuation Multiples Study is now available.
The Q3 2025 issue of Mercer Capital’s Exploration and Production Newsletter focuses on the Appalachia basin. Overall, the Appalachian basin enters late-2025 on firmer footing than a year ago, characterized by stable production, recovering equity performance, and improving infrastructure fundamentals. Continued progress on export capacity and incremental LNG demand should provide a constructive backdrop for basin economics heading into 2026. Read more in this week’s post.
Permian oil producers struggle for growth as gas peers surge on LNG demand and power generation optimism heading into 2026.
The oilfield water sector is rapidly becoming a cornerstone of the energy value chain. Rising water volumes, tightening disposal capacity, and increasing costs are reshaping production economics and investment priorities. At the same time, emerging links between produced water and AI infrastructure highlight new opportunities at the intersection of energy, technology, and sustainability.
Mercer Capital is pleased to announce the release of the 2025 Energy Purchase Price Allocation Study. This study researches and observes publicly available purchase price allocation data from companies primarily contained in one of the four sub-sectors of the energy industry: (i) exploration & production; (ii) oilfield services; (iii) midstream; and (iv) downstream. This study is unlike any other in terms of energy industry specificity and depth.
For this week’s post, we’re highlighting our whitepaper, “How to Value Your Exploration and Production Company.” The piece provides a comprehensive overview of the key factors that drive value in the upstream oil and gas sector, offering readers a clear framework for understanding how operational performance, reserve economics, and commodity pricing influence company worth. It also explores core energy valuation methodologies—including cash flow analysis, reserve-based approaches, and market benchmarking—to help executives, investors, and advisors navigate the complexities of assessing value in a constantly evolving energy market.
