Speaking Energy

Oil & gas companies are adapting swiftly to the administration’s energy dominance agenda, replacing net zero commitments with strategic opportunities across three emerging revenue streams. The AI-driven data center boom is fueling unprecedented demand for reliable onsite power, with traditional energy companies leveraging their natural gas resources and infrastructure expertise to build dedicated generation facilities and enter construction joint ventures. Major oil producers are simultaneously exploiting their subsurface exploration capabilities to expand into critical mineral supply chains essential for battery technologies, electronics and aerospace applications. 

Antitrust enforcement is showing early signs of transformation as new leadership promises more accommodating approaches to oil & gas consolidation. In the United States, Federal Trade Commission chair Andrew Ferguson assumed office in January 2025, signaling a more permissive stance toward merger approvals that oil & gas companies have welcomed enthusiastically. This shift represents a potential departure from the heightened scrutiny that characterized previous years, creating optimism among dealmakers seeking opportunities for strategic combinations. 

International trade policy has emerged as a dominant force shaping the oil & gas sector, with sweeping tariffs imposed on products from virtually every nation using authorities including IEEPA, Section 232 and Section 301. President Trump's "America First Trade Policy" leverages duties as negotiation tools to secure bilateral deals featuring significant oil & gas purchase commitments, making trade considerations essential for any cross-border transaction. Energy dominance serves as a cornerstone of the administration's economic and national security strategy, placing the industry squarely in the spotlight. 

Federal energy regulators are assuming expanded roles as the administration prioritizes energy dominance and infrastructure development to meet unprecedented power demand. FERC Chairman Laura Swett has vowed to expedite data center interconnections while addressing jurisdictional challenges, warning that unmet electricity demand could drive data centers abroad and create national security risks. The agency is processing pipeline applications faster than in prior years and considering blanket authorizations for certain LNG and hydroelectric projects to streamline approvals. 

Pipeline projects previously stalled by Clean Water Act permits are being revitalized, particularly in northeastern states where historically high electricity prices have increased openness to natural gas infrastructure. The Department of Energy is expanding its emergency authority to require retention of generation resources and has granted major LNG export approvals, signaling commitment to expanding U.S. export capacity under a streamlined framework that deprioritizes climate considerations.  

The Administration is bullish on the opportunities for the U.S. energy industry in Venezuela and eager to support companies willing to navigate the political risk inherent in the operations at the moment. Early meetings with President Trump and industry leaders showed the path forward may be longer and more complex than anticipated by the President. 

As permitting reforms advance and the pendulum swings toward fossil fuel favorability, the regulatory and policy landscape is fundamentally reshaping energy infrastructure development timelines and investment opportunities. 

Oil & Gas in 2026: Energy Policy & Regulation 

Delve into the complete regulatory & policy outlook at our Oil & Gas in 2026 report.

Macroeconomic turbulence and volatile commodity markets significantly influenced oil & gas M&A activity throughout 2025, with deals showing renewed momentum only in the year's second half.  

It seems likely the year ahead will see only a modest rebound in mergers & acquisitions (M&A) activity. Among the challenges that remain for 2024, one challenge to further deal activity is the potential shortage of attractive assets coming to market. Another hindrance to the depth of the M&A markets is the ongoing—and widening—valuation gap between the big energy giants and the smaller producers that is now reaching historic levels.

The past year has been broadly characterized as one of limited public market activity and rising interest rates putting a dampener on access to capital. For the oil & gas industry, the volume of debt & equity offerings remained at historically low levels. With bank lenders and some institutional investors also continuing to retreat from the market, it has been a year in which alternative sources of capital have come to the fore.

At least 78 new US carbon capture and storage (CCS) projects were announced between 2021 and 2022, signifying a historic inflection point for CCS projects.

The following is a summary of some notable projects in development in the US:

We are pleased to share a recording of Akin Gump’s mid-year energy briefing that recently took place, along with the presentation materials.