HOUSTON/NEW YORK: Consolidation in the U.S. shale industry is accelerating, ratcheting up pressure on oil and gas producers to gobble up smaller rivals, analysts and executives said.
"The universe of companies with which you can combine is shrinking by the day," said Matthew Portillo, managing director at investment bank Tudor, Pickering, Holt & Co. "Those without very strong balance sheets are trying to survive," Concho Resources Chief Executive Tim Leach said in an interview on Monday, when the Conoco deal was announced. Leach said companies with stronger balance sheets will buy weaker firms.Investors are increasingly looking for companies with market values of at least US$5 billion, preferably those that pay dividends. While most of the larger shale firms pay dividends, a Refinitiv Eikon index of U.S.
Bankruptcies are up 21per cent so far this year among energy producers, according to law firm Haynes and Boone.
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