In the Media
Kevin Brophy Shares Market Outlook on Natural Gas and Oil in Hart Energy
In the Media
January 7, 2026
Kevin Brophy, co-chair of Winston & Strawn’s Energy & Infrastructure Industry Group, was featured in Hart Energy discussing the diverging outlooks for natural gas and oil markets and the implications for investment, capital allocation, and deal activity heading into 2026.
In the article, Kevin explained that natural gas is increasingly positioned for growth, driven by rising LNG exports and expanding demand from data centers and power generation, while oil faces continued pressure from global oversupply and geopolitical uncertainty.
“I never would have thought this three or four years ago, but gas is the one I think you can count on being more of an increased price scenario as opposed to oil,” Kevin said, noting that natural gas prices could remain elevated as new LNG facilities come online and demand continues to build.
He also addressed how these market dynamics are influencing investment and development decisions across the energy sector. He explained that many operators are taking a cautious approach to capital deployment in oil plays, while remaining more active in gas-focused opportunities.
“For a lot of them, especially the operated companies I represent, they’re taking a cautious approach to how they allocate capital on development,” he said. “That could mean dialing back rig activity for oil plays, but not in gas plays, where I see the possibility of an increase in rig count.”
Despite broader uncertainty, Kevin noted that mergers and acquisitions activity remains competitive, particularly in high-quality basins. “I think they’re all trying to be aggressive on the A&D market,” he said. “There’s a lot of competition for the assets in the high-profile areas in the Permian, and so, for private equity and family offices, it can be hard to compete against some of those dollars.”
