It was a week where oil prices marked its highest settlement in seven months but natural gas futures ended lower.

On the news front, oilfield service providers FMC Technologies Inc. (FTI – Analyst Report) and Technip SA have agreed to merge in an all-stock deal worth $13 billion, while Chevron Corp. (CVX – Analyst Report) hopes to resume its Gorgon LNG operations soon.

Overall, it was a mixed week for the sector. While West Texas Intermediate (WTI) crude futures gained 3.3% to close at $47.75 per barrel, natural gas prices fell 1.6% to $2.062 per million Btu (MMBtu). (See the last ‘Oil & Gas Stock Roundup’ here:Shell Mulls $40B Spin-Off, Range Resources to Buy Rival.)

Oil prices moved north for the sixth time in 7 weeks on supply disruptions in Nigeria, Libya, Venezuela and Canada. Things were further helped by a continued decline in U.S. crude production.

On the other hand, natural gas fared badly after an encouraging inventory report was more than offset by mild temperatures across most parts of the country that restricted the commodity’s requirement for power burn.

Recap of the Week’s Most Important Stories

1.  Oilfield service players FMC Technologies Inc. and Technip SA are merging in an all-stock deal of equal proportions, in a sign that consolidation is picking up in the energy space. The tie-up – which should close early next year – would combine Houston-based FMC Technologies, a major underwater energy equipment maker, with Paris-based Technip, an offshore oil and gas field developer.

The merged organization will do business as TechnipFMC (stock symbol not stated). Based on May 18 closing prices, the joined company will be worth $13 billion boasting of 2015 pro forma revenue of $20 billion, EBITDA of $2.4 billion and total order backlog – as of Mar 31, 2016 – of $20 billion.

Under the terms of the transaction, Technip shareholders will receive two shares in the new business for each share they hold, while each FMC Technologies share will be converted into one share of TechnipFMC. Post merger, Technip investors will own around 50% of the combined firm while FMC Technologies shareholders will own the remaining half. (See More: More M&A in the Oil Patch: FMC Tech, Technip Combine.)