In recent years, technological breakthroughs and sustained high oil prices helped shift the U.S. oil and gas transaction market toward onshore unconventional assets. Although unconventional transactions have recently dominated the upstream M&A space, there has been a noticeable shift to an increased number of conventional asset transactions. We expect this shift to continue gaining momentum due to valuations and the capital-intensive nature of unconventionals, consolidation in the "Big Three" oil plays (Permian, Eagle Ford and Bakken), yield-oriented acquisition appetite and a growing supply of available conventional opportunities.
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