A wave of mergers and acquisitions (M) activity has washed over the oil patch in the last year. Big oil behemoth ExxonMobil kicked things off with its $60 billion deal for Pioneer Natural Resources. Several rivals followed its lead, including Chevron, which is trying to buy Hess in a nearly $60 billion transaction.

The oil industry's M wave has spilled over into the pipeline sector. Several midstream companies have made acquisitions, while the rumor mill suggests others are on the prowl. These deals will give pipeline companies more fuel to grow their cash flow and high-yielding dividends.

Energy Transfer (NYSE: ET) prides itself on being a consolidator in the midstream sector. The master limited partnership (MLP) has made several acquisitions over the years. However, it has quickened its pace in the past year. The company made two deals last year (buying Lotus Midstream for $1.5 billion last May and closing its $7.1 billion merger with fellow MLP Crestwood Equity Partners in November).

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Source Fool.com