Following a slump in dealmaking last year, the oil and gas industry is hitting the reset button in 2021, as operators are making deals with an eye to consolidate and reduce their carbon footprints.

Although the year is young, two recent analyses demonstrate the difference between the slumping activity last year and what may be at hand as this year moves forward.

Deloitte issued a lookback at 2020 activity and offered an upbeat forecast for 2021. Singapore-based Finbrook Pte Ltd. on Tuesday gave a vote of confidence for this year in its review of February activity, which showed dealmaking was on the rise through February in North America and beyond.

Low Blow

A confluence of events brought on by the pandemic led to the lowest level of dealmaking last year in more than a...