Déjà vu 2009, M&A deal-making has slowed—but not to a crawl. Here's why Permian Basin deal-making continues, what capital is available to fund it and other stealth bolt-ons and start-ups, and the outlook for crude-oil futures.

  • Mark Houser, CEO of university lands at University of Texas System;
  • Mike Wichterich, president of Three Rivers Operating Co. III LLC; and
  • Kyle Kafka, managing director at EnCap Investments LP.