In a quieter deal market characterized by global regulatory and geopolitical uncertainty, oil & gas companies were generally well capitalized with strong balance sheets. Recent consolidation, alongside market-imposed capital discipline, meant that key players are for the most part profitable and generating significant free cash flow, reducing the need for external capital or divestitures. The U.S. LNG industry is rapidly expanding along the Gulf Coast as the Trump administration prioritizes export capacity and replacing Russian gas in Europe.