Now that many E&P companies across the market cap spectrum have fixed their budgets for 2015, the acquirers are emerging, ready to deal.

A few oilfield service companies are also willing to make a move if it fits into their business plans.

In the Permian Basin, companies such as Concho Resources Inc. (NYSE: CXO) have set themselves up with the money to buy should an opportunity arise. Concho is among many E&Ps to gain equity through a stock offering, selling 6.9 million shares for about $745 million.

“We like the decision, as an offensive capital raise gives management flexibility to continue to pursue low cost drilling while protecting leverage metrics,” according to a Feb. 27 report by Tudor, Picking, Holt Energy.

“We continue to see CXO as a key participant of Permian consolidation and view recent acquisitions as highly accretive,” Tudor reported. The company’s acquisitions include paying up to $6,000 per acre compared to Tudor values of between $10,000 and $35,000 per acre.

Tudor forecasts company production at 19% growth year-over-year and capex of $1.8 billion.

In the Eagle Ford, Carrizo Oil & Gas Inc. (NASDAQ: CRZO) is managing and expanding its Eagle Ford inventory in the low oil price environment.

The company is running a single rig in the Eagle Ford as it awaits the arrival of two new-builds.

Nevertheless, the company was able to hold fourth quarter of 2014 oil volumes flat on average during 2015, boosting year-over-year oil growth by 17%, said Daniel Braziller, equity associate, Jefferies LLC.

Since the first quarter of 2015, Carrizo added 1,000 net acres in the Eagle Ford Shale, the company said Feb. 24. The bolt-on acquisition adds to the volatile oil window primarily in LaSalle County, Texas, bringing its total position to 82,000 net acres.

For 2015, Carrizo's drilling and completion capital expenditure plan is $450-470 million. The company's 2015 land and seismic capital expenditure plan is $35.

“Carrizo currently expects to allocate the majority of this capital to bolt-on acreage acquisitions in the Eagle Ford Shale,” the company said.

Carrizo production volumes during the fourth quarter of 2014 were 37,696 barrels of oil equivalent per day (boe/d), an increase of 52% vs. the fourth quarter of 2013. Production growth was driven primarily by strong results from the company's Eagle Ford Shale assets.

Among large caps, companies such as EOG Resources Inc. (NYSE: EOG) have said they are likely to look for bolt-on deals rather than a multi-billion dollar purchase.

Encana Corp. (NYSE, TSE: ECA) is following a similar, opportunistic path. The company is on the prowl for deals for high-quality acreage.

In 2014, the company bought into liquids-rich core areas of the Permian and Eagle Ford. The company made $9 billion in acquisitions but maintained free cash flow of $400 million, mostly by using proceeds from divestitures to pay for its deals.

The company has scaled back its spending, though. Encana said Feb. 25 it would cut its 2015 capex to $2-2.2 billion.

“The $700 million, 25% cut vs. the December budget of $2.7-2.9 billion reflects a 30% reduction in oil and gas price expectations compared to that of two months ago,” said Thomas R. Driscoll, analyst, Barclays.

More than 80% of the spending will be allocated to the company’s four most strategic assets: the Permian, Eagle Ford, Montney and Duvernay.

With capex cut, CEO Doug Suttles said he’s prepared to act if the right opportunity comes along.

“That might be for buying something or selling something,” Suttles was quoted as saying in an interview with Bloomberg. “The downturns are where the big exciting stuff happens.”

Industry deal activity is poised to pick up if prices stay low, he said. “We’re at record levels of tire-kicking at the moment, so there are a lot of window-shoppers going around,” Suttles said. “The longer this environment persists, the more likely something will occur. There are lots of people talking.”

Oilfield services have been hit hard since E&P capex budgets have shriveled, dropping rig counts faster than most anticipated.

Superior Energy Services Inc. (NYSE: SPN) may be one of the companies that takes advantage in a market where some companies are more prepared than others.

The drilling, completion and production-related oilfield services firm has a history of making accretive acquisitions, focusing on adding well-positioned product lines and services, said Mark Brown, senior analyst, Global Hunter Securities.

The company has nearly $400 million and cash and building.

“SPN is in a strong position to make acquisitions in this downturn that would boost its international and U.S. portfolios, as well as improve its long-term competitive position,” Brown said.

The company does have to contend with $1.65 billion in debt. However, almost none of Superior's debt matures until 2017 and the bulk, $1.3 billion, is not due until 2019 and beyond.