Lower commodity prices and competition from tight oil drove consolidation in the US GoM over the past several years. There are almost 25% fewer companies in the deepwater than just five years ago. As a result, companies have fewer choices when selecting partners and the decision to operate or not has moved front and center. In this insight, we explore the operated and non-operated landscape and discuss the benefits and disadvantages of both. We also examine how the terrain is shifting, and what it takes to be an effective operator in the deepwater US GoM.