Who is buying and why
Advisors report fresh interest among family offices and wealthy individuals in mineral-rights deals as well as broader oil and gas assets. They cite pressures linked to the war involving Iran and the boom in artificial intelligence as key drivers. In the years after Covid, many family offices stepped into the sector as traditional investors pulled back under pressure from environmentally focused stakeholders.
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The deal surge and where the money is flowing
Dealmaking has snapped back. Research and consulting firm Wood Mackenzie says oil and gas deal spend in the first half of 2026 reached a two-year record. Gas production projects were the standout, with deal spend topping $32 billion - the most in more than ten years. Advisors add that the influx of institutional and private-equity money has reduced the availability of attractively priced transactions.
Pricing whiplash and a seller's market
Jeff Peterson, the chief investment officer at the single-family office Gillon Capital, said, "It's a seller's market." For 14 years, Peterson has managed investments for a segment of H.L. Hunt's descendants, and he said that volatility in commodity prices, along with a larger field of bidders, has made striking deals harder. From the start of June, Brent crude moved between $70.14 per barrel on the low end and $102 at the peak - a roughly 45% range. In July, it spiked nearly 10% in one day.
The plays family offices still like
As investors shift focus past near-term demand swings, assets like pipelines and export terminals are in the spotlight, said Andrew Dock, who heads Bank of America's energy wealth management group.
"It's not a cyclical play. This isn't a commodity trade anymore. It's a structural shift," he said.
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Still, Dock noted that permitting timelines and construction complexity limit how many infrastructure opportunities actually reach the market.
Even amid rising competition, family offices still have space to play in deals under $100 million, said Cody Carper, a partner who co-chairs Baker Botts' oil and gas practice. As he put it, "A family office can dive in and buy a $30 million non-operated asset that's really kind of undervalued because there's just not a huge buyer universe that is focused on that band of value."
Peter Suberlak said clients generally avoid wagering on price moves, opting instead to hedge inflation and pursue steadier cash flows. He added that investors frequently target interests in established reservoirs that already pump oil and gas, favoring situations in which seasoned operators can trim expenses or lift output, bolstering dependable income with potential upside. "Generally in the family office space, because you have such a longer investment term horizon, it allows you to have enough time for the real value creation pieces to come out," he said. "It's so difficult to predict commodity prices and where we are in the cycle, and so it's prudent to favor these more quality cash-flow investments where the returns don't necessarily depend completely on getting the macro call exactly right."
Why it matters for your money
Energy is back on the shopping list for the ultra-wealthy, and the focus is tilting toward assets that throw off cash rather than quick commodity trades. If you are watching inflation, utility bills, or travel costs, the same forces pulling big money into pipelines and producing fields are the ones that show up in your monthly budget. In plain English, the bet is that demand stays durable and steady cash flows win out over guessing the next price spike.
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