The drop in oil prices means everything from exploration to delivery is now more expensive and that's likely to spur a wave of merger and acquisition activity in the energy space as companies look to diversify their holdings. Egon Zehnder's Energy Practice Head Steve Goodman said, 'There are a lot of people who have held back in terms of dry powder. You’ll start to see a lot more activity, especially among the private equity players trying to extend their opportunities.' Goodman said deal activity will likely pickup in exploration and production, independent producers and the majors. 'If oil prices continue to be suppressed for a period of time, I think you’ll continue to see a lot of companies looking for ways to reset their cost structure.' TheStreet's Rhonda Schaffler has details from the CERA conference in Houston.