HOUSTON, July 25 Reuters U.S. oil and gas deals rebounded in the second quarter as private equity firms shed shale portfolio investments and publicly traded oil firms grabbed smaller rivals.

U.S. oil exploration and production deals last quarter soared to 24 billion nearly three times that of the first quarter, energy analytics firm Enverus disclosed on Tuesday.

There were 20 deals with an average value of 1.8 billion as a stable U.S. oil price outlook has encouraged privateequity buyers to exit properties. Oil futures are trading between 74 and 77 per barrel through April 2024.

The surge was due in part to energy focused private equity firms EnCap Investments and NGP Energy Capital selling off a combined six portfolio companies. In total, 14 billion in private equityowned assets have changed hands this year, Enverus said.

The formation of new privateequity backed EPs hit its peak in 2017 and now, six years later those investments are being unwound via sales to public companies, said Andrew Dittmar, an Enverus director.

Private equity firms have moved away from oil deals, with only 10 new exploration and production firm investments this year compared to 100 per year last decade, Enverus said.

Those investors saw an opportunity to monetize deals they had held longer than normal and exit at higher valuations than were possible a few years ago, said Jon Platt, a Baker Botts LLP attorney who specializes in private equity and energy MA.

Most MA was in the top U.S….