M&A could increase in 2006,according to a report by Pricewater-houseCoopers'transaction services group."We think it's very possible the industry will see some large M&A deals next year,both in the U.S.and globally,"says Rick Roberge,PwC global leader,transaction services,in the Houston-based energy practice."Many of the larger companies have been content to sit on their cash war chests in 2005.But at some point,commodity prices will settle and companies will begin drilling higher-risk projects using higher midcycle prices.That's when consolidation will accelerate because of the need for larger balance sheets to reduce those risks."
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