In the second half of 2020, consolidation in the oil and gas industry finally began in earnest. The mergers were driven, in part, by a precipitous decline in crude oil prices--as the COVID-19 pandemic suppressed demand--and the uncertainty around OPEC supply. The slew of transactions included Chevron’s $12 billion acquisition of Noble Energy, the $5.7 billion “merger of equals” between Devon and WPX Energy, ConocoPhillips’ announced $9.7 billion acquisition of Concho Resources, Pioneer’s announced $4.5 billion acquisition of Parsley Energy, and Diamondback's $2.2 billion acquisition of QEP Resources. These transactions should create larger companies better equipped to reduce costs and withstand crude oil demand cycles. Our esteemed panel will discuss what economic and geo-political developments led to these transactions, whether they will likely continue in 2021, and their effect on the industry and the broader economy.