Mergers-and-acquisitions activity in the US oil and gas sector has risen as roaring commodity prices tempt producers and private equity firms to seek a profitable exit and others to take on assets.

Some of the recent deals have been big ones, such as Shell’s $9.5 billion sale of its stake in the Permian basin of west Texas and south-east New Mexico to ConocoPhillips.

Then came Chesapeake Energy’s $2.2 billion acquisition of Vine Energy in the gas-rich Haynesville shale of north-west Louisiana, followed by its daring $2.5