We are in the later stages of a consolidation phase in shale-oriented E&P’s that began in late 2020 and has continued since without much let up. Put simply, “big fish have eating smaller fish” to enhance their acreage profile to ensure long-term survival. Nearly every large shale E&P has gotten bigger, often repeatedly, by merging with or outright acquiring competitors whose assets complement their own. I discussed one company recently in an OilPrice article that followed this strategy. The company is Devon Energy, (NYSE:DVN).…

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