02Q25 QUARTERLY M&A REPORT

DEAL PERSPECTIVES (MEDIA VERSION)

Quick 11 Pages of the Full 34 Page Report

$13.4B IN 2Q25 - DOWN FROM $17.0B IN 1Q

Drop to 12 Deals - From 22 in 1Q

Compares to 23 Deals/Qtr avg. since 2022

EOG Makes Transformative $5.6B Utica Buy

Viper Acquires Sitio Royalties for $4.1B

EQT Pays $1.8B for Olympus Energy

Flywheel Acquires Terra I (Piceance Gas)

Terra Reboots with $300MM from Kayne

P/E Funds 16 Teams So Far in 2025

Diversified & Carlyle Armed w/$2.0B

Deals Expanding Beyond Permian

Natural Gas Has Buyers Attention

2H25 Likely Seeing More Deal Flow

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