03Q25 QUARTERLY M&A REPORT

DEAL PERSPECTIVES (MEDIA VERSION)

Quick 10 Pages of the Full 25 Page Report

$9.6B IN 3Q25 - DOWN FROM $13.6B IN 2Q

Deals Increase to 22, Up From 16 in 2Q

Close to the 23 Deals/Qtr Avg. Since 2022

Crescent Energy pays $3.6B for Vital

CRC buys Berry Petroleum for $717MM

Stone Ridge Buys COP's Anadarko for $1.3B

MACH Pays $1.3B for Conventional PDP

Hungry Buyer Universe

Minerals and NonOp Continue HOT

Consolidation Ongoing, More Coming

PDP and Conventional Assets Strong

4Q Looks Like Deals Accelerating

CONTACT EAG FOR FULL 25 PAGE REPORT

RS 2512MA