Mergers & Acquisitions Landscape

Key Topics Covered

• 2025 M&A trends and performance compared to 2024

• Regulatory environment and FTC scrutiny, especially in energy and tech

• Impact of market volatility (VIX) on M&A feasibility

• Cross-border M&A challenges, especially with Canada

• Role of consolidation and scale in energy industry valuations

• Board responsibilities in evaluating and overseeing M&A

• Integration planning and execution post-merger

• Compensation structures and change-of-control considerations

• Legal trends affecting incorporation and corporate governance (e.g., Delaware vs. Texas)

• Natural gas and power demand driven by AI/data centers

Key Takeaways

• Volatility is the single biggest obstacle to M&A right now: With the VIX spiking above 50, uncertainty is choking deal momentum across sectors. Boards should monitor volatility metrics and recognize their direct impact on valuation confidence and timing.

• Energy sector consolidation continues, but viable targets are dwindling: Shale maturation and prior M&A waves have cut the number of public and private operators in half over the last decade. Boards need to ask: is there truly inventory or scale left to buy—or is it time to sell?

• Regulatory scrutiny remains high, but varies by administration and sector: Energy deals may face fewer FTC hurdles under current leadership, but that leniency does not extend to tech or services. Boards must assess deal risk based on specific industry concentration and geographic definitions.

• Director involvement in M&A must be proactive and strategic: Boards cannot rely solely on management or bankers. Directors should pressure-test projections, understand key assumptions, and be involved in integration planning—especially around retention, synergies, and leadership transitions.

• Change-of-control incentives can make or break a deal: Misaligned executive compensation structures often stall transactions. Boards must regularly review severance, retention, and LTIP terms to ensure management is positioned to act in shareholders’ best interest.

• Natural gas and power infrastructure are emerging growth areas: AI-driven data center expansion is accelerating power demand, benefiting natural gas and related assets. Directors in energy, utilities, and infrastructure should explore exposure to this trend.

• Corporate governance frameworks are evolving: Legal shifts in Delaware and the rise of Texas as a business court jurisdiction may influence where companies choose to incorporate. Boards should evaluate how these changes affect oversight, independence standards, and shareholder litigation risk.

Program Videos

View the complete program playlist, including the following video clips:

• Is 2025 the Year for M&A? Energy Leaders React to a Shifting Market
• Will Antitrust Rules Ease Under New Administration? What It Means for Energy M&A
• What’s Holding Back M&A in 2025? Volatility, Valuations, and the VIX
• Why Oil & Gas M&A Is All About Inventory, Scale, and Survival
• Delaware vs. Texas: The New Battle for Corporate Incorporation
• AI, Power Demand & Natural Gas: The Next Big Energy Shift
• Boardroom Strategies in Uncertain Times: What Directors Need to Know About M&A

The Power of Perspective: Insights from Attendees

Georganne Hodges, NACD.DC, board member for PBF Energy, Natural Gas Services Group, and BWC Terminals, shared her key takeaways from the program.

Sharon Beemer, board member for BWC Terminals and Rice Business Partners, shared key takeaways from the program.

Program Resources

• Advice for Effective Board Mergers
• Capitalizing on Market Opportunities With M&A

Panelists

Partner, Mergers and Acquisitions; Capital Markets at Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates

Stephen Gill

Stephen Gill regularly advises on mergers, acquisitions, and capital markets matters and represents public companies related to securities law compliance, securities offerings, and corporate governance…

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Board Member, Expand Energy, SEARCH Homeless Services

S.P. ’Chip’ Johnson

Chip Johnson serves on Expand Energy Corp.’s board of directors, having previously served as a member of Southwestern Energy Co.’s board of directors since 2020…

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Vice Chair, Global Energy Group, RBC Capital Markets

Tim Perry

Tim Perry is the vice chair of energy at RBC in Houston. He has played a significant role in key mergers and acquisitions transactions within the industry…

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