04Q24 QUARTERLY M&A REPORT

DEAL PERSPECTIVES (MEDIA VERSION)

Quick 9 Pages of the Full 25 Page Report

$9.6B IN 4Q24 - DOWN FROM $12.5B IN 3Q

$105B in 2024 Versus Record $192B in 2023

Average is $83B per Year since 2015

Record Low 11 Deals in 4Q

Average is 40 Deals per Quarter since 2015

Biggest Deal is Coterra's $3.95B Delaware

FourPoint Buys OVV's Uinta for $2.0B

CRGY Vaults to EF's #2 and #3 Gas & Oil Op.

Equinor Buys EQT's Marcellus Non-OP

Globally, Energy Deals of $263 B in 2024

Expect 2025 Trend Up Over 4Q 2024

Utica's Infinity Completes IPO in Jan. 2025

P/E Firms Increasingly on the Buy Side

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