Payne Institute Fellow Brad Handler has prepared a quarterly report on how U.S. public oil and natural gas (O&G) companies continue to try to win back investors by spending less of their cash flow, the second quarter of 2021 (2Q21) marked a surge in these companies also turning to acquisitions to position themselves for longer term efficient production. The implications of industry consolidation for spending and employment can be unclear.  September 9, 2021.