Industry News: 2nd Quarter 2025

Flotek acquired power generation assets from ProFrac for $105 million with assets including digitally enhanced mobile natural gas conditioning and distribution units to provide real-time gas monitoring and dual fuel optimization. 

EOG acquired 30,000 net acres for $275 million in the Eagle Ford Shale that is contiguous with its current position and can connect to existing infrastructure. The acreage adds production of 3,000 BOED and enables extended lateral wells.

Archrock acquired Natural Gas Compression Systems for $357 million.  The acquired assets include 351,000 HP equipment, with 71% of its compression horsepower operating in the Permian Basin. 

Sunoco acquired Parkland for $9.1 billion. Parkland is an international fuel distributor, marketer, and convenience retailer with operations in twenty-six countries in North and South America.

NGL Energy Partners sold several non-core assets for $270 million, including 18 propane terminals bought by Alliance Energy Services, its Rack Marketing refined products business, its Limestone Ranch ownership, and its crude rail car fleet.

Tidewater Midstream and Infrastructure acquired the North Segment of Pembina Pipeline’s Western Pipeline System, a crude oil conduit in northeastern BC, for $870,000. The 377-km Western Pipeline runs from Taylor, BC to Prince George, BC, and is a crude supply link to the Prince George Refinery.

Rising Phoenix Capital acquired mineral interests in Ector and Midland counties, TX from ConocoPhillips. The assets include 70 PDP wells, three DUCs, and 43 upside locations.

Devon sold 12.5% interest in the Matterhorn Express Pipeline to I Squared Capital. The Matterhorn Express is a 2.5 BCFD, 580-mile line from the Permian Basin to Southeast TX.

Permian Resources acquired northern Delaware Basin assets from Apache for $608 million. The assets include 13,320 net acres and 8,700 net royalty acres in NM with production of 12,400 BOED.

Riley Exploration Permian acquired Silverback Exploration II for $142 million, which holds 47,000 net acres in Eddy County, NM. Production from the acquired assets is 5,000 BOED and adds 300 gross undeveloped locations on the Northwest Shelf.

Offshore drilling servicer Valaris sold its jackup VALARIS 247 to BW Energy for $108 million. VALARIS 247 is a 27-year-old jackup working offshore Australia.

WhiteHawk Energy acquired PHX Minerals for $187 million. The deal includes holdings in the Haynesville Shale and Midcontinent SCOOP-STACK plays. The combined company has 3.1 million gross unit acres, 10,163 producing wells, 368 wells in progress, 330 permitted locations, and 7,250 undeveloped locations.

BKV and Copenhagen Infrastructure Partners (CIP) entered into a joint venture in which CIP committed $500 million to design, construct, and operate carbon capture, utilization, and sequestration projects across the U.S. CIP holds a 49% interest in the JV. BKV contributed ownership of its Barnett Zero and Eagle Ford Shale projects and has committed to future CCUS projects for a 51% interest.

MPLX acquired Whiptail Midstream’s San Juan Basin assets for $237 million consisting of 500 miles of pipeline that transport crude oil, natural gas, and water production in the San Juan Gallup oil play.

Plains All American acquired Black Knight Midstream’s Permian Basin crude oil gathering network in the northern Midland Basin for $55 million.

NRG Energy purchased 18 power facilities totaling 13 GW of generation capacity for $12 billion from LS Power Equity Advisors. The assets are located across nine states, including the Northeast and TX, and double NRG’s generating capacity to 25 GW.

ArcLight Capital Partners acquired an additional 25% stake in the Natural Gas Pipeline Co. of America (NGPL) infrastructure system for $1.7 billion from Brookfield Infrastructure. ArcLight now holds the largest stake in NGPL with a 62.5% interest in the system. NGPL spans nine states with 9,100 miles of pipeline and compressor stations with 1 million horsepower and 288 BCF of storage and provides supply to LNG facilities in TX and LA.

TXO Partners LP acquired producing assets in the Elm Coulee Field of the Williston Basin from White Rock Energy for $350 million and will add 6,800 BOED to TXO’s footprint and proved developed reserves of 25 MMBOE. The agreement was signed in partnership with North Hudson Resource Partners, whose affiliates acquired a 30% non-operated interest in the White Rock assets for $125 million. 

Excelerate Energy acquired New Fortress Energy’s Montego Bay LNG terminal, the Old Harbour LNG terminal, and the Clarendon combined heat and power plant in Jamaica for $1 billion.

A partnership consisting of 36 First Nations in BC, Canada, invested $511 million in Enbridge’s Westcoast natural gas pipeline for a 12.5% stake. The line stretches 2,900 km from Fort Nelson in northeast BC to Gordondale near the Alberta border, and then south to Canada’s border with the U.S with capacity of 3.6 BCFD of natural gas. 

Stonepeak and Energy Equation Partners acquired a 65% interest in a European fuel retailer from Phillips 66 for $2.8 billion. Phillips 66 retains a 35% majority interest in JET Tankstellen Deutschland as part of the deal through a newly formed joint venture. 

Abu Dhabi awarded EOG development rights of unconventional oil in the Al Dhafra region of Abu Dhabi.  The new exploration concession covers Unconventional Onshore Block 3 and includes 900,000 acres in the over-pressured, oil prone basin.

Black Stone Minerals entered into a development agreement for its Shelby Trough Haynesville Shale and Bossier acreage with Revenant Energy.  The development area is primarily in Angelina, Nacogdoches, and San Augustine counties, TX covering 270,000 gross acres. The annual well commitments escalate over five years from a minimum of six wells per year starting in 2026 to a minimum of 25 wells per year.

California-based Trio Petroleum acquired 2,000 acres in the Uinta Basin from Heavy Sweet Oil for $2.7 million. 1,000 wells will be drilled in seven-well pods.

Crescent Energy divested non-operated Permian Basin assets for $83 million to an undisclosed buyer. The Reeves County, TX, assets produce 3,000 BOED.

Whitecap Resources and Veren have combined to create the seventh largest oil and natural gas producer and the fifth largest natural gas producer in Canada valued at $10.43 billion. The light oil and condensate producer has concentrated assets in the Alberta Montney and Kaybob Duvernay across 1.5 million acres with 4,800 drilling sites. 

Stonepeak purchased a 40% interest in Woodside Energy’s Louisiana LNG project for $5.7 billion. Woodside purchased the facility from Tellurian in October 2024 for $900 million. Louisiana LNG is located near natural gas resources in Calcasieu Parish. and has direct access to the US Gulf Coast and a total permitted capacity of 27.6 million tonnes per annum.

Elk Range Royalties acquired Oxy’s Colorado minerals and royalties interests for $905 million. The deal raises Elk’s acreage to 251,000 NRAs in the DJ Basin underneath two premier operators, Chevron and Civitas.

U.S. Energy Development Corp. acquired 20,000 net acres in Reeves and Ward counties from an undisclosed seller for $390 million, that includes a proved producing component and multi-year drilling inventory.

Renewable natural gas developer Vision RNG sold $28.8 million of investment tax credits associated with its Laurel Ridge landfill gas-to-energy facility in Kentucky.  The project produces 450,000 MMBTU of RNG annually and mitigates the equivalent of 30,000 metric tons of CO2 emissions per year.

TPG acquired full-service solar power company, Altus Power, for $2.2 billion, which operates 990 MW of solar generation assets across 25 states.

Validus Energy acquired 89 Energy III for $850 million that includes 65,000 net SCOOP acres with production of 25,000 BOED.

Prairie Operating acquired D-J Basin assets from Bayswater for $603 million, adding 24,000 acres, 600 drilling locations, and 10 years of drilling inventory.

WhiteHawk Energy added $118 million worth of Marcellus Shale minerals to its portfolio that covers 475,000 gross unit acres in Washington and Greene counties, PA operated by EQT, Range Resources and CNX Resources. 

TG Natural Resources purchased a 70% interest in Chevron’s Haynesville leasehold for $525 million as a capital carry to fund D&C on the leasehold’s Haynesville rights.

Diamondback acquired 40,000 net acres in the Midland Basin with production of 27,000 BBLD for $4.1 billion from Double Eagle IV.

INEOS Energy purchased CNOOC’s GOM assets for $2 billion that includes non-operated interest in two deep water early production assets (Appomattox and Stampede) in the US Gulf and several mature assets.

RPC acquired Pintail Alternative Energy, a provider of oilfield wireline services in the Permian Basin, for $245 million. Pintail operates 30 active fleets in the Permian.

Brookfield Infrastructure Partners acquired Colonial Enterprises for $9 billion. The Colonial Pipeline is the largest refined oil pipeline in the U.S. and stretches 5,500 miles transporting oil products from the Gulf Coast in TX to the U.S. Atlantic Seaboard in NY.

Nabors Industries purchased driller Parker Wellbore for $372 million.  Parker’s assets include large-scale, high performance tubular rental and repairs services in the Lower 48 and offshore U.S. as well as the Middle East, Latin America and Asia.

Citadel acquired Paloma Natural Gas for $1.2 billion with assets including leasehold acreage, producing assets, and approximately 60 undeveloped Haynesville locations.

Partners Group acquired 11 natural gas-fired power plants in California from Avenue Capital Group for $2.2 billion. The natural gas plants and associated assets include nine simple-cycle peaking facilities and two combined-cycle gas turbine plants.

MPLX acquired the remaining 55% interest in BANGL LLC, an NGL pipeline with transportation capacity of 250,000 BBLD from Permian Basin in West Texas to the Gulf Coast, for $715 million from affiliates of WhiteWater and Diamondback.

Ring Energy acquired Lime Rock Resources IV LP’s Central Basin Platform assets for $100 million. The 17,700 net acres located in Andrews County, TX are contiguous to Ring’s existing footprint and have a low-decline net production average of 2,300 BOED from 101 gross wells.

Diamondback swapped Delaware Basin assets and paid $238 million to TRP Energy in exchange for Midland holdings of 15,000 net acres in Upton and Reagan counties, TX, 55 undeveloped locations, and 18 DUCs.