With the equity markets opening up since the beginning of 2015, the A&D market remains an intriguing mix of potential buyers and companies in too deep.

As of March 9, a baker’s dozen of E&Ps had raised $5.6 billion, with 82% of the money generated since early February.

E&Ps are using the equity markets to fund their 2015 budgets, ensure they do not trip their loan covenants should oil prices remain depressed, or simply to shore up their balance sheets, said Gabriele Sorbara, analyst, Topeka Capital Markets.

Many of the companies may be using equity capital markets to fund future acquisitions, Sorbara said.

For instance, Antero Resources Corp. (NYSE: AR) is stockpiling cash and has said it will try to add to its core holdings. In early March, the Utica/Marcellus operator raised about $1.3 billion, including $750 million in senior notes and 15 million common shares.

Antero said in early 2015 that it would cut capex 36% to $1. 6 billion for drilling and completion costs and set aside $150 million for core leasehold acreage acquisitions.

Antero likely will still outspend cash flow by $1.3 billion this year and $1.1 billion in 2016, said Robert Du Boff, analyst, Oppenheimer.

The capital raise helps, Du Boff said. The company is also expected to sell its water distribution business to its MLP, Antero Midstream Partners LP (NYSE: AM), later this year, he said.

“Although we were comfortable with the balance sheet before, we view these recent transactions as a positive move to bolster liquidity to both fund organic capex and build up some dry powder for potential consolidation later this year,” Du Boff said.

Antero has given itself the ability to fund capex and even accelerate spending next year, he said.

“We also believe it will be active in M&A later this year around its core Appalachian position,” Du Boff said, adding that the company’s pro forma liquidity is about $4.9 billion.

Sorbara said that while he would not single out an individual company, he thinks a majority of companies that have tapped the markets “fall into the bucket of potentially tapping the equity capital markets, some which may be in conjunction with an acquisition.”

Topeka Capital Markets, equity offerings, oil, gas Despite the equity dilution in the deals, Sorbara said he views the transactions as positive since most were expected.

“We believe these deals should be bought for companies with deep inventories in core plays,” he said.

Sellers are also emerging, in markedly different circumstances.

On March 3, GasFrac Energy Services Inc. (TSE: GFS), a service company in bankruptcy court, said it had an agreement to sell substantially all of its assets and related technology to a third-party oil and gas service company.

On March 8, Dune Energy Inc. (OTC: DUNR), which targeted operations in Texas and Louisiana, filed for Chapter 11 bankruptcy following a broken agreement to merge with Eos Petro Inc. The Houston company controls 74,000 gross acres and 15 producing oil and gas fields.

Dune began a search for a joint venture or strategic transaction after faltering on part of its debt payments. The company owes about $106.8 million. Its proved reserves are 93.1 billion cubic feet (Bcf) of natural gas equivalent consisting of 50.1 Bcf of natural gas and 7.2 million barrels of crude oil.

Eos, one of 45 potential buyers and partners courted by the company, was unable to obtain the financing for the merger, according to court documents filed by Dune.