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The competition for upstream assets in the best parts of the still-growing Permian is fierce and the prices being paid reflect that. It’s a different story in the Anadarko, where oil and gas production has been flat for several years and some larger E&Ps have been heading for the exits. But there’s been a lot of big-money M&A in the Anadarko lately, mostly by companies buying up steady-as-she-goes production assets at reasonable prices and looking for upside. In today’s RBN blog, we continue our look at the often-overlooked Anadarko and the slew of acquisitions happening there.
As we said in Part 1, the 50,000-square-mile Anadarko Basin (see Figure 1 below) in western Oklahoma, western Kansas and the Texas Panhandle has been among the, um, less exciting oil and gas plays in recent years, with relatively flat production and only modest prospects for a rebound to its late-2010s glory days. Still, a lot has been going on below the surface on the acquisitions front and M&A activity has really been picking up in 2025 and the first few months of 2026.
We noted that some of the recent activity has been driven in part by a handful of larger, publicly held producers selling their positions in the basin to focus on other production areas and, in the process, reduce their debt. The buying side, in turn, has been dominated by what we refer to as “serial acquirers” — a mix of private and public E&Ps that have been gobbling up one set of Anadarko production assets after another. Generally speaking, the buyers like the fact that Anadarko is a reliable, relatively low-cost producer; that the infrastructure to process and pipe away crude oil, natural gas, and NGLs is already in place; and that the acquisition prices are reasonable.
