Oil investors are watching for the beginning of the M&A boom that typically accompanies downturns in crude prices. The "lower for longer" price outlook may be delaying the beginning of the M&A boom because buyers believe they can remain patient for now. Bernstein believes that the best E&P buyout targets are the ones with quality resources and distressed balance sheets. Beveridge noted that picking out specific buyout targets can be a difficult undertaking, but Bernstein believes that companies with interim CEOs or transitional management in place are more likely to agree to a buyout. The firm’s top four North American E&P buyout targets are Occidental Petroleum CorporationOXY, Devon Energy CorpDVN, Anadarko Petroleum CorporationAPC and Encana Corporation (USA)ECA.