US-style megadeals do not look to be on the cards in Europe at the moment
Energy majors’ strategies show signs of convergence
While US megadeals may not be repeated on the other side of the Atlantic, there is now greater common ground between European and US energy companies
The two big recent US oil and gas mergers—ExxonMobil buying Pioneer Natural Resources and Chevron acquiring Hess—have raised the question of European consolidation. But whispers of a BP and Shell tie-up, or any large-scale upstream M&A across the pond, are likely to remain sotto voce given Europe’s approach to fossil fuels. But European and US energy majors’ strategies are not as far apart as once thought, and are actually coming closer together. From the US side, there has been a growing focus on cleaner technologies even amid the strong oil and gas M&A headlines, while from the European side there has been a pullback from renewables given the importance of hydrocarbons for investor
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
