Q4 2025 deal activity was limited to a single announced transaction, consistent with deal-making throughout the year – this reflects market caution given political volatility and soft commodity prices.

It was a very quiet year on the M&A front for the regions in our North America coverage. Just four deals were announced in the US Gulf of America (US GoM) (down from 10 in 2023), while the Canadian oil sands and Alaska saw single transactions.

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