Companies spent $32 billion acquiring gas production projects in the first half of 2026, the highest level of upstream gas dealmaking in more than a decade, according to Wood Mackenzie. Average premiums in gas-focused upstream transactions reached 21% above pre-deal valuations, the highest since 2013. Shell’s $16.4 billion acquisition of Canadian producer ARC Resources was the largest transaction, while ONEOK agreed to buy Brazos Midstream’s Permian Basin assets for approximately $4.42 billion to $4.43 billion, according to differing figures in the reports. The Brazos deal includes 700 miles of gathering lines and 1.2 Bcf/d of gas processing capacity, and Apollo Global Management will invest $9 billion in ONEOK, including $4 billion for the acquisition and $5 billion to reduce debt. North American unconventional gas attracted about $30 billion during the period, three times the recent three-year average, as LNG exports, energy-security concerns and AI data-center demand increased the strategic value of gas infrastructure.