A mountain of asset sales loom after oil megamerger era

US oil and gas companies could face an uphill struggle to sell about $27 billion of assets to fund investor payouts over the next few years as the biggest wave of energy megamergers in 25 years nears the end of regulatory reviews.

The share buybacks and dividends are needed to lure investors back to an industry that many have shunned over volatile returns and pressure to decarbonize portfolios. Energy stocks represent just 4.1 per cent by weight of the S&P 500, a third of their 2011...