Oil and gas corporates face an even tougher strategic balancing act in 2026 than in 2025. Companies will continue to shift investment from low carbon towards upstream. Resource capture strategies will broaden out – and could US gas emerge as a potential M&A hotspot.

Drawing on insight from our Corporate Strategy & Analytics Service, we explore these themes and more in Corporate oil & gas: 5 things to look for in 2026. Fill in the form for your complimentary copy, and read on for a brief introduction.

Buybacks the first casualty as capital allocation tension ratchets up for oil & gas companies

The bottom line is that oil and gas companies can’t do it all in 2026. They must make critical capital allocation choices that will shape their competitive positioning for the next decade.

Oil and gas companies will be bracing themselves for strong macro headwinds. Lower oil prices will force more structural cost reductions and cuts to buybacks. But the pressure will intensify to lay stronger foundations for next decade.

How far will buybacks drop? What role could AI play in efficiency drives? Read the full report to find out more.
Majors split: tricky choices in balancing near and long-term pressures

Production growth and margin expansion will take the sting out of lower prices. But the Majors are split on their ability to sustain oil and gas production next decade. ExxonMobil and BP have more post-2030 options in the tank. The other Majors are under pressure to step up upstream portfolio renewal.

Is counter-cyclical M&A on the cards? Could US gas could emerge as an M&A hotspot? For more on this, why resource capture strategies need to broaden out and increasing low carbon and downstream differentiation, read the full report.

Also in Corporate oil and gas: 5 things to look for in 2026…

How will the NOCs tackle the dual challenge of managing domestic growth versus international ambition? Why will the balance of power for the US Independents shift to? And how will strategic ventures inject fresh momentum into the corporate sector?
Source: Wood Mackenzie