[Editor's note: A version of this story appears in the January 2021 issue of Oil and Gas Investor magazine.]

The last of the depth charges have slipped into the sea of 2020, exploded and left the oil and gas industry shuddering, knee deep in black water, listening to metal groan.

No, the oil and gas industry has not been sunk. But the year did damage that will take time to assess before deeming it as salvageable or a wreck. The deal market was, if anything, better than could have been expected. During the past 12 months, upstream oil and gas deals managed about $55 billion worth of value, but over the entire industry, still fell sharply by 41%, according to a Dec. 10 report by PwC.

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