It was wild, like a first date, first oil, the first million-dollar check deposited in the bank. M&A lit the shale revolution like the pilot light of a great furnace that seemed capable of burning on forever.
And like a flame, it was wild, and then it wasn’t.
Shalepalooza is gone, and there’s no going back. But transaction advisers see a way forward. Tricky and treacherous, but forward.
“No question, it’s a tough environment,” said Art Krasny, managing director and head of A&D for Wells Fargo Securities.
Welcome to 2020 A&D, the sequel to a year that tore down any lingering hype over oil and gas asset values.