Industry News: 3rd Quarter 2025

BOEM’s oil and gas lease sale in the Gulf of America covers 80 million acres in blocks 3 miles to 231 miles offshore across the Gulf’s Western, Central, and Eastern planning areas. The sale is the first of three planned lease sales in the Gulf under the 2024–2029 Outer Continental Shelf Oil and Gas Leasing Program and is expected to close in December 2025.

Cactus acquired a controlling interest in Baker Hughes’ surface pressure control business for $344.5 million, which designs, manufactures, and services specialized surface pressure control solutions, primarily wellheads and production tree equipment, for international markets.

Whitecap Resources and Veren have combined in a merger valued at $10.43 billion. The light oil and condensate producer boasts concentrated assets in the Alberta Montney and Kaybob Duvernay in Canada across 1.5 million acres with 4,800 potential drilling sites.

Diamondback sold non-operated Delaware Basin properties to Riverbend for $138 million.

Evolution Petroleum acquired mineral and royalty interests in OK’s SCOOP/STACK from a private seller for $17 million that includes 5,500 net royalty acres in Grady and Canadian counties and hold 420 gross proved developed producing wells.

ConocoPhillips sold its Anadarko Basin assets to Flywheel Energy for $1.3 billion. The Anadarko Basin assets include 300,000 net acres in OK’s SCOOP and STACK plays. Recent production from the assets was 39,000 BOED.

Western Midstream acquired Aris Water Solutions for $1.5 billion. The acquisition will combine Western’s 830-mile and Aris’ 790-mile produced water network in the Permian Basin and will extend Western Midstream’s footprint into Lea and Eddy counties, NM.

Civitas Resources executed two agreements to divest non-core D-J assets for $435 million that include assets with 10,000 BOED production.

TotalEnergies affiliate Total Austral sold its 45% interest in two shale blocks in Argentina’s Vaca Muerta to YPF, the country’s state-run petrochemical firm, for $500 million that includes 51,000 net acres the Rincon La Ceniza and La Escalonada blocks.

Oxy executed four Permian Basin divestitures for $950 million that included non-operated Permian Basin upstream assets and gas gathering assets to undisclosed buyers.

LandBridge entered into a 10-year surface use and pore space reservation agreement with Devon that covers 300,000 BBLD of pore space capacity on its East Stateline Ranch and Speed Ranch surface acreage in NM. The agreement includes a minimum volume commitment by Devon for 175,000 BBLD of produced water.

Blackstone acquired Enverus for $6 billion. Enverus has 8,000 customers in 50 countries and sources data from 95% of U.S. energy producers and 40,000 suppliers.

Coterra Energy signed a 50 MMCFD gas-for-power-generation seven-year deal in the Permian Basin with Competitive Power Ventures that will construct a 1.35 GW plant in Ward County, TX estimated to be completed in 2028.

SLB acquired Stimline Digital AS, an energy software company with the Idex AI platform that provides well operators with a visualization application to plan and execute well intervention operations.

Shell sold its interest in the Colonial Pipeline to Brookfield Infrastructure Partners for $9 billion. The Colonial Pipeline stretches 5,500 miles from the U.S. Gulf Coast to the Atlantic Seaboard.

MPLX LP acquired Northwind Delaware Holdings for $2.375 billion. Northwind operates 200 miles of sour gas gathering, treatment, and processing facilities with 200,000 dedicated acres in Lea County, NM.

Magnolia Oil & Gas acquired 18,000 net acres in TX’ Giddings Field in multiple transactions for $40 million, adding 500 BOED of production. The deals grow Magnolia’s core Giddings development area to 240,000 net acres.

Baker Hughes acquired Chart Industries for $13.6 billion that brings expertise in thermal management, cryogenic equipment, compression systems, and digital monitoring technologies to Baker.

Chevron sold its newly acquired interest in Block A-18 offshore Thailand a week after the closing the Hess merger to Thailand’s PTT Exploration and Production for $450 million.

Constellation Energy acquired Calpine for $16.4 billion, creating the largest clean energy provider in the U.S., combining Constellation’s nuclear power expertise with Calpine’s natural gas and geothermal generation assets.

Talen acquired Caithness Energy’s Moxie Freedom Energy Center in PA and Caithness’ and BlackRock’s Guernsey Power Station in OH for $3.8 billion. Moxie is a 1,045-MW power plant located 3 miles from Talen’s Susquehanna nuclear power plant. Guernsey is a 1,836-MW power plant near Columbus.

Flywheel Energy acquired Terra Energy Partners with assets in northwestern CO’s Piceance Basin and gross operated production of 550 MMCFD and 7,500 vertical wells located in Rio Blanco and Garfield counties, CO.

Vermilion Energy divested non-core light oil assets in Saskatchewan and Manitoba for $302 million. The divested assets had 10,500 BOED production and 30 MMBOE in PDP reserves.

Mach Natural Resources acquired Permian Basin and San Juan Basin assets for $1.3 billion doubling Mach’s total daily production. The Permian assets were purchased from Sabinal Energy and San Juan Basin assets from IKAV.

U.K.-based Ithaca Energy acquired North Sea interests for $136 million from Japan Petroleum Exploration adding 7 MMBOE of 2P reserves and 4,000 BOED production.

Riley Exploration Permian acquired Silverback Exploration II for $142 million that includes 47,000 net acres in Eddy County, NM and 300 gross undeveloped locations in the Permian Basin’s Northwest Shelf.

ARC Resources acquired Montney Basin assets for $1.18 billion from Strathcona Resources with production of 37,000 BOED and two gas processing plants and condensate handling infrastructure.

Ares Management acquired a 20% stake in Eni’s Plenitude for $2.29 billion. Plenitude is a renewable energy production and sales company managing over 21,500 electric vehicle charging points throughout Europe.

Plains All American sold its Canadian NGL assets to Keyera for $3.75 billion, which also includes certain U.S. assets.

Chevron acquired 125,000 net acres in the Smackover Formation with direct exposure to the lithium extraction section in two deals, TerraVolta Resources and East Texas Natural Resources. The acreage spans across NE TX and SW AR in what has become a hotbed of extracting lithium from brine.

Permian Resources acquired Delaware Basin leasehold and royalty interests from APA Corp for $608 million that includes 13,320 net acres and 8,700 net royalty acres in Eddy and Lea counties, NM and production of 12,400 BOED.

Baker Hughes acquired pressure management solutions provider Continental Disc for $540 million, which compliments Baker Hughes’ existing control valve and high-pressure relief valve offerings.

Santos was acquired for $18.8 billion by the XRG Consortium led by Abu Dhabi National Oil Co and Carlyle that include oil, natural gas projects, and LNG projects in Australia as well as the Pikka Phase 1 oil project on the North Slope in AK.

NextDecade finalized contracts with Bechtel Energy for construction of the Rio Grande LNG Train 4 and related infrastructure and a similar contract for Train 5 worth $9.1 billion. NextDecade signed a 20-year LNG sale agreement with JERA, Japan’s largest power generator, for offtake from Train 5 of its Rio Grande LNG project in South TX.

Honeywell purchased the industry’s largest pump and compressor manufacturer, Sundyne, for $2.16 billion. Sundyne manufactures multiple types of pumps and compressors for use from production to pipelines to gas and crude processing.

Baker Hughes sold its precision sensors and instrumentation product line to Crane for $1.15 billion. The product line includes instrumentation and sensor-based technologies to detect and analyze pressure, flow, gas, moisture, and radiation across various industries.

Vermilion Energy sold its Powder River Basin assets for $88 million that include production of 5,500 BOED and 10 MMBOE of proved developed producing reserves.

ONEOK bought the remaining stake of TX and NM gas and processing assets for $940 million from NGP Midstream Holdings.

Viper Energy acquired Sitio Royalties for $4.1 billion, creating a company owning 85,700 net royalty acres. Sitio’s assets also include 9,000 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston plays.

EOG acquired Encino for $5.6 billion. Encino’s assets located in OH’s Utica play include 675,000 net total acres, 235,000 BOED of production, 1 billion BOE of undeveloped net resources, and 55 net DUCs inventory.

Chilean mining company ENAMI has selected Rio Tinto as its partner for the Salares Altoandinos lithium project resulting in an investment value of $3 billion. Covering the Aguilar, La Isla, and Grande salt flats, the project has 15 million tons of lithium carbon equivalent.

According to the EIA, U.S. production growth of crude oil and natural gas will remain high through 2030 due to increasing U.S. exports of petroleum products and liquefied natural gas, as U.S. energy exports continue to be economical for international consumers.

Jonah Energy, together with its partner Burk Royalty acquired High Plains Natural Resources. High Plains assets are located in the Northwestern Shelf of the Permian Basin, spanning both TX and NM producing primarily from the San Andres formation. The assets include 62,000 net acres and 250 operated horizontal wells across Yoakum County, TX, and Lea County, NM.