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1、INDUSTRY RESEARCHLaunch Report:Oil&GasPE trends and investment strategiesQ12026REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL.NOT FOR REDISTRIBUTION.Q1 2026 LAUNCH REPORT:OIL&GAS2ContentsInstitutional Research GroupBenny Wong Senior Research Analyst,Energy Har

2、rison Waldock Senior Data APublished on May 26,2026Key takeaways 3PE investment opportunities 5Vertical update 10Global upstream capex has fallen over the past decade 10PE deal activity in the oil&gas vertical has mirrored the overall industry trend 13Global oil:Running up the down escalator 17Globa

3、l natural gas:Keeping up with LNG build-out demand 24The Iran war turns a slow-moving supply crisis into an immediate capital imperative 27Global oil&gas capex will need to increase by at least 20%over the next decade 28Oil&gas PE investor map 29Oil&gas value chain 30Segment overview 31Upstream oil&

4、gas 32Midstream oil&gas 40Downstream oil&gas 47Oilfield services 53References 60CONFIDENTIAL.NOT FOR REDISTRIBUTION.Q1 2026 LAUNCH REPORT:OIL&GAS10Global upstream capex has fallen over the past decade Upstream spending today is 45%below 2014 levels(in 2024 dollars)Investment in upstream oil&gas grew

5、 from$200 billion in 2000 to approximately$1 trillion in 2014,increasing 400%over 14 years.10,11 The spending trajectory followed strong demand and rising oil prices.In that environment,management teams were incentivized to invest cash flows back into the ground,as company stock prices were rewarded

6、 for their ability to grow production.Oil prices experienced a super-cycle from 2000 to 2010,averaging over$110/bbl in 2012,driven by supply struggling to keep up with demand growth from the rapid industrialization of emerging economies like China and India.Subsequently,Brent prices fell by 60%to av