Mergers and Acquisitions (M&A) in the natural resources sector have seen a resurgence as energy security, decarbonization, and global supply chain rebalancing reshape the industry. While M&A activity can offer scale, technological synergies, and access to reserves or new markets, it also presents profound risks related to integration, regulatory hurdles, and commodity price volatility. This insight paper explores the strategic rationale, benefits, and pitfalls of M&A across oil & gas, mining, chemicals, and power sectors. It serves as a guide for investors, sovereign wealth funds, private equity, and corporate strategists navigating the complexity of inorganic growth in a high-stakes landscape.