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Priced out of the Permian

M&A has slowed in the US' hottest shale basin as investors look elsewhere for cheaper growth opportunities

Permania in the mergers and acquisitions market is finally cooling off. The world's fastest growing oilfield was also the hottest market for mergers and acquisitions, racking up more than 200 deals worth around $50bn over the past two years as companies jockeyed for prime positions in the play. The frenzy of M&A deals has reshaped the landscape in the Permian. ExxonMobil spent close to $6bn buying the Bass family's drilling rights to cement its position as one of the play's largest acreage holders in the single biggest Permian shale deal. But the surge in deals was fuelled mostly by smaller shale-focused independents like Concho Resources, QEP and others. Some were looking for a foothol

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