Professional M&A intelligence for the energy transition
Marathon Petroleum completed its $21 billion divestiture of Speedway convenience store and fuel retail business to 7-Eleven, a subsidiary of Japan's Seven & i Holdings Co., Ltd. (3382: Tokyo). The deal made 7-Eleven the largest U.S. convenience retailer.
An Invenergy-led consortium with CDPQ acquired American Electric Power's unregulated renewables business in 2023, including 1,365 MW of operating wind and solar capacity across multiple states.
EG Group acquired Cumberland Farms for $2.15 billion in October 2019. The deal added 567 stores across eight U.S. Northeast states to EG's portfolio.
Engie completed its $1.6 billion acquisition of Houston-based battery storage developer Broad Reach Power from EnCap Energy Transition in August 2023. The deal added 350 MW of operating battery storage and a 2.7 GW pipeline.
Kinetik Holdings completed its $765 million acquisition of Durango Permian from Morgan Stanley Energy Partners in June 2024. The deal added natural gas gathering, processing, and CO2 sequestration assets in the New Mexico Delaware Basin.
Enterprise Products Partners LP (NYSE: EPD) acquired Piñon Midstream, formerly a portfolio company of Black Bay Energy Capital, for $950 million in cash. The acquired assets, which include natural gas gathering and treating services, expand Enterprise's footprint in the eastern flank of the prolific Delaware Basin of Texas and New Mexico.
Enterprise Products Partners completed its $3.25 billion cash acquisition of Warburg Pincus-backed Navitas Midstream Partners in February 2022. The deal added 1,750 miles of pipelines and processing capacity in the Midland Basin of the Permian.
Phillips 66 acquired Pinnacle Midstream from Energy Spectrum Capital for $550 million in May 2024. The deal added natural gas and water gathering assets in the Midland Basin, expanding Phillips 66's NGL value chain.
Targa Resources completed its $3.55 billion cash acquisition of Riverstone-backed Lucid Energy in July 2022. The deal added 1,050 miles of natural gas gathering pipelines and 1.4 Bcf/d of cryogenic processing capacity in the Delaware Basin.
Spire Inc. (NYSE: SR) acquired MoGas Pipeline (an interstate natural gas pipeline) and the connected Omega Pipeline from CorEnergy Infrastructure Trust for $175 million in January 2024. The 263-mile MoGas system primarily serves Missouri, including Spire's existing utility customer base.