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The beaten-down oil patch hasn't had much good news of late. However, that changed earlier this week when Devon Energy (NYSE: DVN) and WPX Energy (NYSE: WPX) revealed that they would combine in a merger of equals . That news jolted the oil sector by fueling speculation that more deals could be forthcoming.
The industry needs to cut costs to combat lower oil prices. Analysts thus believe that we'll see a lot more consolidation in the coming quarters.