In the oil and gas universe, higher prices cure nearly all ills.

A year after the cataclysmic events of 2020’s oil price war and pandemic, U.S. oil and gas M&A values ascended to $3.4 billion. This time last year, U.S. upstream oil and gas transactions limped to a first quarter finish with roughly a fifth of that value—$600 million, according to a new report by Enverus, the data analytics firm.

“It was brutal in first quarter 2020,” Andrew Dittmar, senior M&A analyst at Enverus, told Hart Energy. “I think that was the lowest quarter we had on record.”

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