Private-equity firms are often cited for their dry powder—the huge cash reserves available to buy into plays and ultimately shape A&D.In July, Jefferies estimated energy-focused funds had $100 billion ready to spend. But private equity-backed E&Ps were largely on the receiving end of deals last year.Private equity sold more than $26 billion worth of assets, mostly to the public market in the past year—including $17 billion in the Permian Basin, according to KeyBanc Capital Markets.In fourth-quarter 2016, nearly all of the $11.9 billion in transactions were made by public companies purchasing from private-equity portfolio firms, according to Raymond James.
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