Distressed asset sales are likely to dominate dealmaking in the U.S. energy industry this year as volatile oil prices put executives off major acquisitions. Normally strong companies buy weaker rivals when crude prices tank. Even though a 20-month slump has pushed oil to decade lows, however, executives have yet to pull the trigger on a new era of consolidation as they fear prices have yet to hit bottom. Instead, most of the action has focused on small, highly leveraged exploration and production companies’ selling off assets to raise cash. Last year, the Houston-based oil and gas producer spent more than $1 billion in stock and debt to buy two hometown rivals and increase its drilling opportunities. Now it is selling off some of its recently acquired oil fields in Texas and Oklahoma, according to people familiar with […]