Cataclysmic events ushered the 2020 oil and gas industry into an M&A Dark Ages as deals and values plummeted, particularly asset transactions. Recovery this year is possible—though tenuous, according to Deloitte, and will rely on stable oil prices.

The pandemic and last year’s commodity price war heightened an already frayed industry and stymied a market already populated by reluctant buyers, bankers and investors. As 2021 dawned, the oil and gas industry found itself even more propped up on debt as public and private investment fled.

Now the oil and gas industry will look to reset financially, continue to consolidate through M&A and contend with an expanding energy investor base attuned to renewables.

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