For the first time since 2009, at least half of all PE investments in the U.S. energy services industry were for companies based in the South in 2013. A number of regions recorded noticeable declines in PE deal activity last year, including, most prominently, the Southeast. PE deals in the Southeast region dropped by 69% in count from 2012 to 2013. A number of other regions saw declines, as well, including the Southwest, Midwest, West Coast and Great Lakes regions.
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Most of the South's recent strength came from one state: Texas. In fact, despite a 20% decline in overall deal activity in the energy services industry, Texas actually recorded a small increase in such deals last year for a total of 43 deals, up from 39 in 2012. In total, The Lone Star State has taken in about 41% of the deals in the energy services industry since the beginning of 2008, about as much as the next twelve states have taken in combined.