02Q26 QUARTERLY M&A REPORT

THIS IS THE ABBREVIATED MEDIA VERSION

Energy Advisors Group has released a 2Q 2026 Special Report on the U.S. A&D marketplace as a continuation of our Market Monitor Series and thought leadership efforts. The full 22-page Special Report provides perspectives on the outlook plus past and current trends in deal values, counts, plays and valuations.

Our firm has over 35 years of experience assisting clients navigate the marketplace to maximize their portfolios as advisors on both the sell and buy side. Energy Advisors also provides consulting services including asset management and optimization.

Here are our quick quotes, and current market themes from our report.

Quick Quotes:

------- How was the first quarter? "2Q26’s market collapse resembles1Q21, though for different reasons. Back then, companies were recovering from Covid-era record low prices that limited buying power. The recent collapse came from Iran War inflicted price spikes".

------- Metrics: "Current valuation economic ratio of 15:1 with market multiples of $54,000 ppbo/d and $3,500 ppmcf/d.”

------- Globally: "Upstream, 2Q26 was $26.3B, down 39% from 1Q's $43.2B. US share 24%, Canada 66% (includes Shell's $16.4B ARC Resources buy) and International 10%."

Market Themes:

------- Oil price stability will increase deal flow. During Iran War, daily swings for WTI reached over $18/bbl and ranged from $70-$114. Post MOU signing on June 17, prices quickly dropped ~$20/bbl to $70 and volatility subsided."

------- U.S. natural gas is constructive. Increasing demand from LNG exports and power needs from data centers has EIA forecasting $5.00 gas by 2030 while NYMEX 2030 is trading at ~$3.50 in early July."

------- ABS has been active influence in M&A markets. 2026 has already seen $4B in ABS issuances and is on track to easily surpass 2023's $5B record. Buyers armed with ABS's lower cost of capital and higher advance rates are bidding up values on long-life PDP.

-------International buyers accelerating. U.S. and Canada energy assets are gaining attention (and value) in the wake of the Iran War countries seek long-dated secure energy supply.

------- P/E continuing exits along with select buying. Private equity has been a net seller taking advantage of war prices to exit "longer dated portfolio holdings". Armed w/$5B of committed capital, over a dozen P/E teams are ready to pounce on emerging plays and countercyclical opportunities.

------- Assuming normalcy returns, a strong rebound is likely. We're tracking a deal pipeline of >$45B that is likely to hit the market as volatility subsides.

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Here is additional insight from the report taken from one of our slides:

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Here's Quarterly Takeaways and Quick Outlook:

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Here is a striking slide demonstrating public companies dominating the buyside:

The 11-page media report is available to the right.

Interested parties desiring to see the entire 22 page report should email any one of us down below for the complete version.

Energy Advisors Group is working hard to expand our thought leadership and look forward to providing additional market insight for our clients through regional perspectives, M&A analysis and market monitor.

Our firm has been serving the needs of buyers, sellers and capital providers for over thirty-five years.

TO LEARN MORE AND RECIEVE A COPY OF THE FULL REPORT CONTACT :

Blake Dornak

Vice President

Phone: 713-600-0169

– Email: [email protected]

Brian Lidsky

Director

Phone: 713-600-0138

– Email: [email protected]

Corporate Office:

4265 San Felipe Ste 650

Houston TX 77027

Corporate Switchboard: 713-600-0123