A wave of mergers and acquisitions could sweep across the U.S. Lower 48 in the next few years. As Unconventional plays mature, cost of supply will increase as basin sweet spots are drilled up. Absent offsetting technologies, producers will be forced to drill on acreage with progressively lower well recoverables. The Energy Transition and Peak Oil Demand issues will continue to converge. With this environment as a backdrop, producers will be looking for creative solutions to generate growth and value, likely triggering a wave of upstream consolidation through mergers and acquisitions.