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The oil industry is known for its boom-bust cycles. But now, some of oil's biggest players are looking to eliminate the bust part of the equation and boom-and-grow.

After a year of record profits, many of the oil industry's top companies are turning around and scouring for deals to spend their cash on, according to a new report in the Financial Times. The looming dealmaking frenzy would put an end to a protracted dry spell, even if it does come at a time of widespread fears that some of the best oil fields are starting to run dry.

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Source Fool.com