Consolidation heats up for maturing US shale

Growth might not be on the table, but operators are eyeing opportunities to add quality acreage

Lack of midstream capacity and dismal upstream growth prospects for 2023 are proving no barrier to M&A activity for maturing US shale basins. Over the past quarter, both the Eagle Ford and Appalachia recorded bumper deals that showcase the perceived long-term potential among operators.    In the Eagle Ford, US independent Devon Energy snapped up Texas-focused Validus Energy for $1.8bn last year. The deal doubled the firm’s production base in the basin and increased exposure and access to Gulf Coast pricing. In July, the operator also added a bolt-on acquisition in the Williston basin but stressed there was not likely to be further spending in the immediate future. Other operators soon fo