U.S. natural gas dealmaking is accelerating in 2025, fueled by soaring demand from artificial intelligence (AI) data centers, record liquefied natural gas (LNG) exports, and fresh investment from Asia.
Industry analysts expect the momentum to continue into 2026.
AI and Power Demand Drive Market Momentum
The U.S. Energy Information Administration (EIA) projects record electricity consumption this year, with data centers emerging as a leading source of new demand.
AI-driven operations, which require massive energy loads, have placed unprecedented strain on natural gas supplies.
After natural gas prices plunged in 2023 due to lower sanctions-related volatility, a rebound in 2024 and early 2025 has reignited corporate interest and long-term contracts.
Average U.S. natural gas prices rose about 26% in the third quarter from a year earlier, while production hit an all-time high of 9.73 trillion cubic feet in Q2.
LNG Expansion Boosts Mergers and Acquisitions
The U.S., already the world’s largest LNG exporter, is expected to lift nameplate capacity to 115 million tonnes per annum (MTPA) this year, according to the EIA.
This rapid capacity expansion has sparked renewed mergers and acquisitions across the LNG value chain.
Rystad Energy reported that the total value of deals reached roughly $30 billion in the first nine months of 2025, up from $22.5 billion in the same period last year.
The third quarter alone saw transactions worth $17.3 billion, underscoring the sector’s resurgence.
Foreign Buyers and Asset Sales Surge
More than $28 billion worth of gas and LNG assets are currently on the market, said Rystad’s Palash Ravi.
Potential deals involve major players including Ascent Resources, BP, GeoSouthern, Williams, and NextDecade’s Rio Grande project.
In the Haynesville Basin, Asian companies have begun outbidding U.S. producers to secure long-term feedstock for their LNG import terminals, according to Enverus analyst Andrew Dittmar.
Exports to Asia Reach Near Record Levels
U.S. LNG exports to Asia are projected to hit 3.61 million tons in October — the second-highest on record.
This surge is being driven by regional economic growth, environmental targets, and Taiwan’s closure of its last nuclear reactor.
EOG Resources CEO Ezra Yacob called 2025 an “inflection year” for the industry, predicting that “U.S. gas demand will grow 4%-6% annually through 2030, driven by LNG and power.”
