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.

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