Professional M&A intelligence for the energy transition
Occidental (NYSE: OXY) acquired Midland-based oil and gas producer CrownRock in a cash-and-stock transaction valued at about $12 billion, including debt. The deal adds roughly 94,000 net acres in the Permian Basin’s Midland Basin and about 170,000 barrels of oil equivalent per day of production, strengthening Occidental’s U.S. onshore portfolio. The transaction was expected to […]
ONEOK (NYSE: OKE) acquired Magellan Midstream Partners LP (NYSE: MMP) in a $18.8B cash-and-stock transaction ($25/unit cash + 0.667 ONEOK shares), creating a diversified $60B enterprise with 50,000 miles of pipeline. The deal combined ONEOK's NGL/gas with Magellan's refined products/crude pipelines. Magellan will be merged into a newly created 100% wholly-owned subsidiary of ONEOK. Each […]
Private equity funds affiliated with Blackstone's Energy Transition Partners agreed to acquire the 620-MW Hill Top Energy Center, a natural-gas-fired power plant from Ardian for nearly $1 billion. The plant, located in in western Pennsylvania, was completed in 2021 in Greene County. It supplies electricity to the PJM power market and is positioned to support […]
Ares Management acquired 100% of Meade Pipeline from XPLR Infrastructure for approximately $1.1 billion in cash. XPLR is an independent power producer formed by NextEra Energy. Meade owns approximately 40% of the Central Penn Line (CPL), a FERC-regulated, 180-mile pipeline that transports natural gas from prolific production zones in the Marcellus and Utica Shale in […]
Targa Resources (NYSE: TRGP) closed the acquisition of Stakeholder Midstream for $1.25 billion in cash. The acquisition will allow Targa Resources to expand its natural gas gathering, treating and processing footprint in the Permian Basin. The assets include about 480 miles of natural gas pipelines and roughly 180 MMcf/d of cryogenic processing and sour-gas treating capacity, […]
Diversified Energy acquired Maverick Natural Resources' Permian Basin assets for $1.27 billion, marking the company's first foray into the Permian, America's most productive oil and gas play. The deal adds production-heavy, long-life assets to Diversified's portfolio. According to Enverus, Permian land has been prioritized for acquisitions because high-quality inventory generates strong returns through the commodity […]
EQT will acquire upstream and midstream assets of Olympus Energy for $1.8 billion, including $1.3 billion in stock and $500 million in cash. The assets include 90,000 net acres in Southwest Pennsylvania, producing about 500 MMcf/d, with over 10 years of Marcellus inventory and 7 years of Utica upside.
Crescent Energy closed its all-stock acquisition of Vital Energy in late 2025, creating a top ten liquids-weighted independent E&P company with enhanced scale and free cash flow generation. The combined company will be led by a management team and board with deep operating and investing expertise, well-positioned to drive long-term growth and value creation. Under […]
TPG acquired Altus Power, a commercial-scale solar energy provider, for approximately $2.2 billion in early 2025, taking the company private at $5.00 per share. As a result of the transaction, Altus Power is now a privately-held company. Moelis & Company is acting as financial advisor to Altus Power and Latham & Watkins LLP is acting […]
Phillips 66 announced an agreement to purchase the remaining 50% interest in WRB Refining LP from Cenovus Energy for approximately $2.2 billion in cash. The transaction will give Phillips 66 full ownership of the joint‑venture refinery complex in Wood River and Roxana, Illinois, expanding control of its refinery assets and optimizing integration with its upstream […]