In this feature, Stephens’ Energy Investment Banking team takes a deep dive into the trends shaping today’s upstream A&D market—from shifting commodity dynamics to evolving buyer behavior across basins. Drawing on recent transactions and active deal flow in 2026, the discussion highlights why A&D remains one of the most active areas in energy M&A and how investor priorities are changing under current market conditions.
The team explores growing interest in gas-weighted assets, the resurgence of PDP-focused deals, and the expanding role of family offices and institutional capital. Viewers will also gain insight into rising demand for non-operated assets, valuation discipline in a volatile pricing environment, and how financing markets are influencing deal structure and timing.
Watch the full feature for a perspective on A&D market trends, what could be driving competitive processes, and how buyers and sellers think about opportunity in the current environment.
About the Experts
Keith Behrens
Managing Director, Head of Energy & Clean Energy Transition, Investment Banking Read full bio
