Foreign energy investors are targeting the US for M&A, particularly in upstream gas and LNG. Players in East Asia and the Mideast are looking to secure access to upstream flows, LNG equity and offtake. These international firms see the US as a source of reliable supply, with a political environment that is both supportive of the upstream sector and potentially rewarding to those willing to invest in the country. The recent surge in foreign investment is not the first since the US began its march to being the world's largest gas producer, its largest oil producer and the largest exporter of LNG. During the shale revolution a decade and a half ago, companies from Asia, Europe and elsewhere joined the rush for assets and knowledge in the emerging unconventional sector. After multiple downturns and numerous failed plays, many of those investors shed their US positions. But as shale has become a mature and far more efficient business, the investment case has also improved. Layer in US President Donald Trump's tariff threats and hints that buying or investing in US energy can help sweeten trade negotiations, and US gas looks all the more appealing to foreign investors.