1、September 2025Power MovesDriving deals in the North American energy M&A market 2025Contents3.Foreword4.Key findings5.Part 1:Deal dynamics11.Part 2:Drivers and risks 16.Part 3:Digitalization and technology20.Carbon capture and hydrogen adoption 23.Data centers28.Part 4:Dealmaking outlook 32.Conclusio

2、n and key takeaways34.Methodology and respondent profile35.Dentons by the numbers36.Key contacts 37.About Dentons2 Power Moves:Driving deals in the North American energy M&A market 2025 DForewordA new energy mixThe North American energy sector stands at an inflection point.We are witnessing a conflu

3、ence of forces that are unprecedented in their scope and complexity:the insatiable energy demands of an AI-powered digital revolution;the ongoing global imperative of the energy transition;and a stark recalibration of energy policy,notably within the US.This new energy mix of the traditional and tra

4、nsitional makes for a challenging but undeniably opportunity-rich M&A environment.Understanding the opposing currents and crosscurrents shaping this primary sector,has never been more critical for industry leaders and dealmakers seeking to chart a path forward.On the one hand,the momentum towards cl

5、eaner energy production continues,supported by ongoing technological breakthroughs and significant capital commitments.On the other,a renewed focus on conventional energy under the current US administration has the potential to steer capital in the opposite direction.The findings underpinning this r

6、eport were gathered at a pivotal moment,largely before the weight of US federal policymaking efforts were fully articulated.A number of executive orders passed in Q1 2025,the primary thrust of which was to bolster conventional energy sectors.They aimed to dismantle barriers to oil,gas,and coal produ