In 2014, deals in the oil and gas space hit highs not seen in a decade, according to a PwC study. That comes at the same time as a number of private equity firms take a black eye on a bad deal in Energy Futures Holdings. Last year, PE activity in the sector was muted, coming as strategics have ramped up production efforts, as well as the need for capital. While some like Marathon Oil, which unloaded $2.7 billion worth of foreign assets to shore up domestic production, turn to M&A, others will have private equity firms to look toward. Last year, despite the slowdown in deals, PE firms raised several large funds for energy M&A.