If the oil and gas world feels a little smaller as the end of 2020 nears, it’s not just because of the roughly 40 bankruptcies that have taken many E&Ps off the board or several high-value companies snatched up in all-stock mergers.

On Nov. 12, Rystad Energy released analysis showing that values are all shrinking as the industry is ravaged by a pandemic, oil-price war and closed investor wallets.

The average price for U.S. onshore shale acreage declined by more than 70% in two years, according to the independent energy consultancy firm based in Norway. Overall, per acre prices fell to $5,000 in 2020 from $17,000 2018.

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