Public E&Ps splash cash in US shale patch

Bullish gas projections are driving a strong resurgence in M&A activity

Deal-making in the US shale patch achieved its highest quarterly performance in two years in Q2, boosted by several big-name Permian mergers and increased confidence in gas prospects. Gas deals alone comprised 19pc of M&A value across the quarter—the highest share in a year—as the Henry Hub soared to levels not seen since late 2018.  The Midland basin in the Permian was the most active play across Q2, with the $6.4bn takeover of Texas-based Doublepoint Energy by US independent Pioneer Natural Resources the main driver. Only the $9.3bn merger between Houston shale operator Cabot Oil & Gas and Denver-based Cimarex Energy topped the Midland deal, and again it had consolidating acreage w