Professional M&A intelligence for the energy transition
Crestwood Equity Partners acquired Sendero Midstream from Energy Capital Partners for $600M cash, doubling its natural gas processing capabilities in the Delaware Basin.
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.
ONEOK acquired Global Infrastructure Partners' entire interest in EnLink Midstream (NYSE: ENLC). The deal consists of 43% of EnLink's outstanding common units for $14.90 per unit and 100% of the interests in the managing member for $300 million, for about $3.3 billion.
Kinder Morgan completed the acquisition of STX Midstream from NextEra Energy Partners for $1.82 billion. STX Midstream owns approximately 462 miles of natural gas pipelines including the Eagle Ford Express system and the Carrizo Pipeline serving Eagle Ford, South Texas, and Mexican demand markets.
Shell completed the acquisition of Pavilion Energy from Temasek Holdings in April 2025. Pavilion is a Singapore-based LNG trading and supply business with a contracted LNG supply portfolio of approximately 6.5 million tonnes per year.
Williams Companies acquired NorTex Midstream, a natural gas pipeline and storage asset located in north Texas, from an affiliate of Tailwater Capital for $423 million. NorTex owns three natural gas storage facilities in North Texas with combined working gas capacity of 36 Bcf and approximately 80 miles of pipelines.
Chevron completed the acquisition of all outstanding public common units of Noble Midstream Partners LP for $1.32 billion. The take-private transaction consolidated Chevron's gathering and processing assets in the DJ and Permian Basins.
TotalEnergies acquired a 16.7% equity interest in NextDecade's Rio Grande LNG Phase 1. In July 2023, NextDecade (NASDAQ: NEXT) announced it has made a positive final investment decision to construct the first three liquefaction trains at the company's 27 million tonnes per annum Rio Grande LNG export facility in Brownsville, Texas. NextDecade said it executed […]
Berkshire Hathaway Energy completed the purchase of Dominion Energy's 50% limited partnership stake in the Cove Point LNG, LP business, resulting in a total ownership interest of 75%. The ownership interest is held within BHE GT&S, a Berkshire Hathaway Energy business unit. A subsidiary of BHE GT&S is the general partner and operator of the […]
Saudi Aramco acquired a strategic minority stake in MidOcean Energy from EIG for $500 million in September 2023, marking Aramco's first international LNG investment. MidOcean is acquiring interests in four Australian LNG projects.