01Q25 QUARTERLY M&A REPORT

DEAL PERSPECTIVES (MEDIA VERSION)

Quick 10 Pages of the Full 29 Page Report

$17.0B IN 1Q25 - UP FROM $9.6B IN 4Q

Rebound to 21 Deals - From Record Low 11

Compares to 22 Deals/Qtr avg. since 2022

Diamondback Involved in ~50% of Deal Value

FANG Buys Double Eagle IV for $4.1B

FANG Dropsdown $4.3B to VIPER

IPO: Infinity Natural Resources Goes Public

Elk Range (NGP) Buys OXY's DJ Minerals

Citadel Buys Paloma (Haynesville), $1.2B

Validus Buys 89 Energy III (SCOOP), $850MM

P/Es Continue Buying With ~$2B Last 2 Qtrs

Expect Slower Deal Flow Amid Uncertainties

Natural Gas Gaining With Demand Growth

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