The A&D market’s mana, drained by nearly nine months of flabby oil prices, is replenishing, mostly with smallish deals. But a larger liability is looming.

So far in 2019, oil and gas deals have taken an indie turn in the market, with mid-sized deals transacting in Alaska and the southern Midland Basin. Management teams are still exploring mergers and large-scale acquisitions, according to a recent snapshot of analyst reports.

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