AD,particularly in the Haynesville,is in a bind.Partly,that's the fault of a suddenly giddy natural gas price environment that has blown in gale force headwinds for deal makers.Despite high gas prices,AD has been left in the lurch,particularly in the Haynesville where the gas-rich shale will play a central role in the U.S.LNG,provided operators have the inventory they need.With AD hampered by a wide bid-ask spread,market factors may instead push companies toward more mergers or deals featuring stock-heavy consideration.And public companies are gravitating toward deals as they look to build runway-with the added danger of being hard-pressed to pay strip value for what they need.The headwinds are fierce.Gas-weighted public company shares trade far below multiples based on natural gas prices.Sellers,meantime,are unwilling to part with their assets without getting fair value based on current strip prices.
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