Reuters
U.S. oil and gas deals hit a record $51 billion in the first quarter, a continuation of last year's fierce merger pace centered in the top U.S. shale field, data provider Enverus said on Tuesday. Energy companies have rushed to expand oil and gas drilling inventories, especially in the Permian Basin of West Texas and New Mexico, where producer break-even costs are about $64 a barrel. Most of the high-quality U.S. drilling prospects are in the Permian "so it is unsurprising the prolific basin was yet again the primary driver for M&A within oil and gas," said Andrew Dittmar, Enverus Intelligence Research's principal analyst.