Don’t look to the supermajors to be M&A’s fire and rescue crew as the COVID-19 pandemic continues to burn down vast sectors of the economy.

Oil and gas companies such as Chevron Corp., Royal Dutch Shell, Total SA, BP Plc and Exxon Mobil Corp. are unlikely to pursue corporate M&A and will be selective in asset-level deals, according to a June 18 report by Cowen Equity Research.

Cowen analyst Jason Gabelman notes that equities haven’t benefited from large M&A activity since the 2014 downturn.

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