A trend of consolidation for Permian Basin oil and gas operators appeared the leading strategy for companies to survive following an historic downturn in fossil fuel markets in the wake of the COVID-19 health crisis. Even as New Mexico, Texas and the nation appeared on the recovery from the pandemic, its impact on how oil and gas companies do business and view success continued to evolve. A month after COVID-19 began its spread in the U.S., oil prices bottomed out at negative -$40 per barrel – the first time in history prices took a dip into the negative. Analysts contended this led companies to prioritize value to shareholders and returns on investment over traditional measures of success such as production.