Activist investing is surging across almost every industry, and the energy sector has been no exception, especially since the 2014 downturn. In fact, at press time, activist Fir Tree Capital, a major shareholder in Halcón Resources Corp., sent an open letter to the company, urging it to improve returns by exploring various strategies, including a sale.

The steep drop in oil prices that started in late 2014 created a unique confluence of factors that brought with it an uptick in activist interest in the oil and gas industry. As companies saw their cash flow and valuations in free fall, investors quickly adjusted their strategies to seize new opportunities opening at all levels of the capital stack.

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