Professional M&A intelligence for the energy transition
Crescent Energy Company (NYSE: CRGY) acquired SilverBow in a transaction valued at $2.1 billion. The combined company will be the second-largest operator in the Eagle Ford.
ExxonMobil closed its $59.5B all-stock acquisition of Pioneer Natural Resources, more than doubling its Permian Basin footprint to 1.4M net acres with estimated 16B barrels of resource.
SLB acquired ChampionX in a $7.75B all-stock deal, strengthening its position in the production phase of oil & gas operations with world-class production chemicals and artificial lift technologies.
Vistra Corp acquired a 15% minority stake in Vistra Vision for $3.3B. The deal consolidated Vistra's position as a leading integrated power company.
EQT Infrastructure, through Otello BidCo, made a cash offer to acquire Swedish renewable energy developer OX2 for ~$1.51B. The deal aimed to transform OX2 into a renewables developer and integrated asset owner.
Woodside acquired OCI's 1.1 Mtpa Clean Ammonia project under construction in Beaumont, Texas for $2.35B. The world's first large-scale low-carbon ammonia facility, targeting production from 2025 and lower carbon ammonia from 2026 using CCS technology.
Sunoco LP acquired NuStar Energy in an all-equity deal valued at $7.3B (incl. assumed debt). NuStar brought ~9,500 miles of pipeline and 63 terminal/storage facilities, significantly diversifying Sunoco's business and enhancing its distribution network. Expected $150M+ of run-rate synergies.
Chesapeake Energy and Southwestern Energy merged in an all-stock deal to form Expand Energy. The combined company became the largest U.S. natural gas producer with 7.9 Bcfe/d production capacity, headquartered in Oklahoma City.
EQT acquired Equitrans Midstream in an all-stock deal, creating America's only large-scale vertically integrated natural gas company. The combined entity has >2,000 miles of pipeline infrastructure and $425M+ of annual synergies, with a free cash flow breakeven of ~$2/MMBtu.
ConocoPhillips acquired Marathon Oil in an all-stock deal valued at $22.5B (incl. $5.4B net debt). The deal added 2B barrels of resources across the Eagle Ford, Bakken, and Permian basins, with expected $500M in annual cost and capital synergies within the first full year.