Lande Spottswood

A more deal-friendly regulatory environment under the current administration is friendlier toward large-scale energy infrastructure development and M&A consolidation, with less "sincere cynicism about scale" compared to the prior administration. This shift reduces a major headwind for energy deals. Combined with long-term macros favoring consolidation and the potential for a structurally higher oil price environment if the Iran conflict resolves, the conditions for energy M&A are improving. LONG on the energy sector for M&A and project development, as regulatory easing unlocks deal flow and capital deployment for pipelines and consolidation. Prolonged oil price volatility or a re-escalation of geopolitical conflict could freeze deal activity despite a favorable regulatory backdrop.