However, there are several multibillion-dollar deals showing sparks of recovery in the shale fields of the Permian Basin straddling Texas and New Mexico.

The U.S. has added 482,000 barrels of oil per day since mid-October, an increase of more than 5 percent that's been driven in large part by burgeoning output out of that west Texas shale formation. The OPEC - Russia deal to cut production has increased oil prices by $10 per barrel and provided room for the US to increase supply.

Exxon Mobil announced on Tuesday that it was acquiring 275,000 acres in New Mexico from the Bass family of Fort Worth for up to $6.6 billion in stock and cash. The deal came one day after another oil producer, Noble Energy, agreed to pay $2.7 billion to buy Clayton Williams Energy, giving it 120,000 oil-rich acres nearby in West Texas.