Upstream M&A is cooling off. Deal volumes are set to end 2025 at lower levels as the post-consolidation era takes hold. Yet opportunities remain for the M&A teams best equipped to navigate shifting market drivers, from emissions pressures to evolving corporate strategies.

This whitepaper provides a forward-looking view of the upstream advisory market, combining global transaction data with an in-depth analysis of the firms shaping deals. It benchmarks leading financial advisors, including JP Morgan, Evercore, Citigroup, and Jefferies, across deal value, market share, reach, and climate-related commitments.

The paper also explores how emissions goals are reshaping advisory mandates, how top seller and buyer advisors are positioning in a $65 billion opportunity space, and how strategies are evolving to maintain relevance in a cooling market.

Access the whitepaper to uncover the advisors winning upstream M&A in 2025 and how they are securing their edge.