Compared with 2024, when there was an outsized increase in capital expenditures due to M&As, total M&A spend for the 30 E&P companies analyzed in the EY study fell by 70% in 2025 to $60.7 billion. This brought total capital expenditures down to $144.3 billion, whereas in 2024 M&A spend alone amounted to $202.5 billion. (Click the image to enlarge.)
