Buying Low, Selling High and the Role of Luck in Oil & Gas Acquisitions

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Upstream oil and gas deals are rarely just about the price paid. The sharp oil-price rally of 2026 has exposed how differently buyers and sellers fare depending on when they transact—and whether they retain exposure through shares, earnouts or hedging. Baytex sold substantial Eagle Ford production before prices rose, while Harbour and Crescent acquired assets ahead of the rally.

In this PetroEquity Signal podcast, we examine these transactions alongside later deals involving Devon and Magnolia. We ask who captured the upside, who accepted the downside, and how debt, hedge roll-offs and plain luck shape the returns ultimately available to shareholders.