After a relatively solid run, U.S. natural gas dealmaking in 2020 slumped sharply, as oil deals, nearly all revolving around the Permian Basin, took off, according to Enverus.

top 5 deals

The consultancy reported the findings in its summary of top domestic upstream mergers and acquisitions (M&A) by exploration and production (E&P) companies for the fourth quarter and the full year. 

“After an anemic start, 2020 upstream M&A accelerated dramatically in the second half of the year as a challenging economic backdrop spurred a wave of industry consolidation,” analysts said. “Activity crested in the fourth quarter with three multi-billion-dollar mergers centered on the oil-rich Permian Basin, driving the quarter’s total value to $27 billion, the third most active quarter by value since...