Before the coronavirus pandemic and the oil price war, public investors had already thrown down the gauntlet to E&Ps. Companies, arguably, were learning to adapt, and they must keep doing so to access public capital in the new environment.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
Private-equity sponsor Tailwater Capital LLC tied up a fourth fund in what otherwise has been a largely barren landscape for capital raising. Its Tailwater Energy Fund IV LP raised $1.1 billion in capital commitments.