Permian Basin explorer Callon Petroleum Co. is considering strategic options amid takeover interest from rival oil and gas players, according to Bloomberg News, as dealmaking accelerates in the U.S. energy industry. 

Callon is active in the Permian of West Texas and New Mexico, the biggest and most productive oil field in the country. The Permian has long been ripe for consolidation because it’s highly fragmented thanks to the scores of shale upstarts that have begun drilling there in the past two decades.