At the beginning of 2018, the energy mergers and acquisitions market was poised to be strong and potentially record-breaking based on strengthening commodity prices after the low price environment of the previous several years. As it turned out, while 2018 may not have been as strong as many had initially hoped, it has been solid, and many basins with little M&A activity over the previous several years were much more active in 2018.

The year can be summarized as a combination of an active market in several basins (not just the Permian basin as in years past), the rise of the mega-deal, failed auction processes, constrained capital markets, and significant fluctuations in commodity prices late in the year.