Value has been largely destroyed through the downturn by companies encumbering assets with low-return capital, leaving M&A out of the question for even the world's largest publicly traded oil and gas company - ExxonMobil. Instead the Texas company will focus on bite-sized asset deals.
Last week, the petroleum industry lost a charismatic leader, a passionate advocate and a dealmaker extraordinaire when Aubrey K. McClendon died in a tragic auto accident in Oklahoma City on March 2. Governors, billionaires, food banks remember the shale pioneer's legacy.
Meanwhile, for those looking to survive the downturn, KeyBanc’s senior E&P analyst David Deckelbaum says the only true value E&Ps can offer in the downcycle is time.