With several recent public transac­tions, the long-awaited E&P consolidation wave has finally arrived in the oil patch. Gas has been quieter (partially due to fewer public companies) with Southwestern Energy Co.’s acquisition of Montage Resources Corp. representing 2020’s primary announcement. Nevertheless, as the cost of capital and uncertainty surrounding the terminal value for conventional energy increase, the necessity for cost reductions via consolidation is magnified.

Accordingly, we believe combinations between gas companies are a matter of when, not if.

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