Editor’s note: This a developing story featuring updates from the Energy Capital Conference. Check back for updates throughout the day. (This story was updated at 3:52 PM CST)

DALLAS—It was a tale of two types of deals this afternoon at the Energy Capital Conference. Craig Lande, RBC Richardson Barr, said publics are selling “really big deals,” with lots of acreage and production on the market. Who will be the buyers? Lande said it will be private equity.

In fact, he noted, as he kicked off the afternoon session at the Fairmont Dallas, private equity will be quite active. He said private equity on private equity transactions are becoming more common in the industry because new teams are bringing better technical prowess and smaller PEs are selling to larger PEs. In addition, he said PE sellers that are long in the tooth need to exit.

A roundtable on raising capital for little deals discussed the opportunities for a different kind of transaction. The speakers, including Stewart Coleman, Pearl Energy; J.W. Sikora, Cibolo Energy; George McCormick, Outfitter Energy; and Preston Powell, Carnealian Energy; indicated that there are opportunities in the lower middle market space. But you need to be resourceful and find the underappreciated upside and, ultimately, sell into a liquid buyers’ market. They said finding the right 20,000 acres or so in plays with good returns is the key.

In the late afternoon, big data took center stage as Barry Zhang (right), Quantico Energy Solutions, asked if artificial intelligence can drive ROI for producers and capital providers. The answer, for financings at least, is more accurate valuations and less variance, he said.

Earlier in the day, a roundtable featuring Joel Foote, Guggenheim Securities; Robert Kimmel, JP Morgan Chase; and Tim Perry, Credit Suisse closed out the morning with an optimistic view of the industry. The panelists said they see green shoots emerging and a continued momentum for energy companies to move up relative to other sectors.

They also indicated that the outlook for prices has to improve long term and capital discipline must be maintained. The three analysts told the audience that this is the longest duration we’ve ever seen capital discipline enforced in the sector. They added investors still interested in the sector are concentrating more on value.

Meanwhile, Riverstone Holdings Managing Director Christopher Abbate said energy companies can access the credit markets via direct lending, mezzanine and credit opportunity funds. He said his firm believes the bank and bond markets will continue to be large supporters of the energy sector.

Earlier in the mornings, Jamie Webster, Boston Consulting Group, opened up the conference with a prediction that the OPEC deal will end with a slow erosion of the cuts as countries put more barrels on the market. He told the audience at the Fairmont Dallas that the key to OPEC’s adherence to its production agreement is Russia.

RS Energy’s Trevor Sloan followed by explaining that the U.S. Lower 48 is a still largely a Permian story, and big data and analytics are driving its next big upside.

A panel of analysts closed out the first morning session with a look a private equity. The panel, including Kayne Anderson’s Chuck Yates, Quantum Energy Partners’ Sean O’ Donnell and EnCap Investment’s Murphy Markham, indicated private equity is still a small part of the overall capital needed in the oil and gas industry. The trio agreed that much more capital is needed to meet worldwide demand and said now is the time for private company to create value while public companies are somewhat out of favor with investors.

They also indicated that private equity companies need to prepare to hold properties longer and invest more capital in development