Handler, Brad2022-06-132022-06-132021-09-09https://hdl.handle.net/11124/14107https://doi.org/10.25676/11124/14107As U.S. public oil and natural gas (O&G) companies continue to try to win back investors by spending less of their cash flow, the second quarter of 2021 (2Q21) marked a surge in these companies also turning to acquisitions to position themselves for longer term efficient production. The implications of industry consolidation for spending and employment can be unclear. However, the recent wave of acquisitions does include companies that were operating with cash constraints, lending to a bias that the mergers foster more oilfield activity and employment all else being equal (albeit partially offset by layoffs in corporate and regional offices) because the acquirors have more financial resources.reportscommentariesengCopyright of the original work is retained by the author.Text