BDO & PitchBook: Natural Resources M&A Report

July 2019

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After a Drought, A Flood of Capital and Deal Activity on the Horizon for Oil & Gas

Since 2014, oil and gas companies—particularly those upstream—have had to reorient their organizations to operate in a low-price environment.
In order to compete, they’ve gotten better at doing more with less, and streamlining their value proposition. While technological advancements like horizontal drilling and hydraulic fracturing have unleashed a revolution catapulting the U.S. up the ranks as a global producer, it was made possible largely by the availability of capital and debt financing from both banks and equity sales. Due to the tighter margins and uncertain returns in a more volatile price environment, those same investors and private equity firms have been more reticent to spend in the sector...