The sky is no longer falling in the oil and gas M&A market, KPMG energy finance analysts say, but the corporate appetite for deals in the sector is still expected to drop by about 10% in 2018 compared to 2017.

The “appetite” is measured by forward P/E ratios, the analysts said in the company’s annual “M&A Predictor” report that forecasts deal activity in four major sectors—consumer markets, financial services, industrial markets, and technology, media and telecommunications—as well as utilities and oil and gas.

“We anticipate a mixed but promising year for energy sector M&A transactions in 2018 as the market continues to stabilize and companies increasingly position themselves for greater earnings growth,” wrote Henry Berling, managing director and head of U.S. energy investment banking at KPMG, and Manuel Santillana, global energy and natural resources deal advisory lead partner for the firm in Spain.

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