Industry News: 4th Quarter 2025

Jade Owls acquired Midcontinent assets for $130 million. The company declined to identify the seller or provide acreage and production details.  

Williams acquired an 80% stake in Woodside’s Driftwood Pipeline and Louisiana LNG project.  The Driftwood Pipeline links Woodside’s Louisiana LNG facility to major gas transmission systems. Williams also acquired a 10% interest in Louisiana LNG and secured a 1.5 million tonnes annual offtake agreement. Williams invested $1.9 billion to develop the pipeline and LNG project.   

Japanese firm Jera acquired Haynesville Shale assets from Williams and GeoSouthern for $1.5 billion. The assets produce 500 MMCFD of natural gas and include 200 undeveloped locations. Jera plans to grow production to 1 BCFD.  

Vistra added 2,600 MW of electrical generation through a $1.9 billion acquisition of seven gas-fired generation plants from Lotus Infrastructure Partners. The plants are located throughout the northeast U.S. and CA and include five combined-cycle gas turbines and two combustion turbine facilities.  

According to Enverus, third-quarter oil and gas dealmaking totaled $9.7 billion, marking the third consecutive quarterly decline. Sustained WTI crude prices in the mid-$60s kept many sellers on the sidelines. Remaining shale M&A opportunities need stronger pricing to justify public companies paying for the undeveloped locations. Natural gas was a bright spot for upstream M&A, driven by rising demand for U.S. LNG exports and AI data centers. 

NOG acquired royalty and mineral interests in the Uinta Basin for $98.3 million. The company also completed $59.8 million in the Williston, Permian, Appalachian, and Uinta basins. In Utah, NOG acquired interests in Duchesne and Uintah counties, increasing NOG’s average NRI to 87%.  

Rockcliff Energy acquired East TX natural gas assets from Pine Wave Energy Partners. The deal includes 29,000 net acres and interests in 25 operated wells with net production of 100 MMCFD. 

According to Enverus, U.S. natural gas-fired power plant M&A valuations have doubled since 2024, reaching $1.93 million per MW for top PA-NJ-MD and Electric Reliability Council of TX assets. Factors include accelerating data center growth, grid electrification, and rising capital costs and supply chain issues for operating natural gas power plants.  

CenterPoint Energy sold its OH natural gas distribution assets to National Fuel Gas for $2.62 billion.  The deal includes 5,900 miles of transmission and distribution pipeline serving 335,000 metered customers.  

Tamarack Valley Energy sold non-core producing assets in the Veteran Consort and Eyehill areas of Alberta, CA for $81 million. 

Greenflash Infrastructure acquired a battery energy storage project in Fort Bend County, TX, from Advanced Power. The Rock Rose project is a 200 MW, stand-alone battery energy storage development connected to the ERCOT grid.  

LandBridge sold a solar project in TX to an unnamed energy infrastructure developer, consisting of a 3,000 acre photovoltaic solar energy generation project in Reeves County with a proposed generation capacity of 250 MW.  

Warburg Pincus acquired PSI Software, a German company that provides software for energy trading, gas grids, and pipelines for $812 million. 

LandBridge acquired 37,500 surface acres in West TX from 1918 Ranch & Royalty in Loving, Reeves, Winkler, and Ward counties, TX for $250 million.  The acreage will be used for produced water handling infrastructure and to support alternative energy development being sited near current and planned transmission infrastructure.    

Chart Industries was acquired by Baker Hughes for $13.6 billion, bringing Chart’s process technologies and engineering equipment for gas and liquid molecule handling to Baker Hughes.  

According to Enverus, in the SE corner of the Midland Basin, there are 2,500 remaining gross drilling locations, largely in Reagan, Crockett, and Irion counties, TX.  At breakeven inventory below $50 BBL, the location count tightens to 1,000. Enverus data show that 80% of the Permian’s Tier 1 drilling locations are held by Exxon, COP, Diamondback, Chevron, Oxy, EOG, and Devon.  

Topaz Energy acquired Montney royalty interests from Tourmaline Oil for $51.3 million.  The agreements include overriding royalty interests on 134,000 gross acres in NE British Columbia with 65% undeveloped.  

Unit Corp sold Unit Drilling to Cactus Drilling for $120 million.  Cactus is the fourth largest onshore domestic drilling contractor behind H&P, Patterson, and Nabors. 

Oxy sold its chemicals business to Berkshire Hathaway for $9.7 billion.  OxyChem produces basic chemical and vinyl products from 21 manufacturing sites spread across the U.S., Canada, and Chile.   

MidOcean Energy acquired an interest in Petronas’ stake in LNG Canada.  The deal involves a 20% interest in the North Montney Upstream Joint Venture, which manages Petronas’ upstream investment in Canada, and a 20% interest in the North Montney LNG LP, which maintains Petronas’ 25% participating interest in LNG Canada. LNG Canada is currently comprised of Petronas, Shell, PetroChina, and Mitsubishi.  

Tamboran Resources acquired Falcon Oil & Gas for $171 million. The transaction between Tamboran and Falcon consolidates the two most active Beetaloo Basin companies with 2.9 million net acres. 

BKV acquired Bedrock Energy Partners for $370 million with 97,000 net acres in the Barnett Shale, 50 new 10,000-ft laterals in Tier 1 area, 1,121 producing locations, and 800 BCFE of proved reserves.  

Continental Resources sold a 49% stake in its Anadarko Basin natural gas assets to TotalEnergies with net gas production of 150 MMCFD.  

GeoPark acquired a majority operated working interest in two blocks of Argentina’s prolific Vaca Muerta Formation for $115 million from Pluspetrol. The purchase of the Loma and Puesto blocks represents 12,300 gross acres with reserves of 60 MMBBL.  

Eni sold 30% of the Baleine project offshore Côte d’Ivoire to Vitol for $1.65 billion. The field development is Eni’s first development in Côte d’Ivoire and began producing oil in 2023. Baliene produces 62,000 BBLD of oil and 75 MMCFD of gas from Phases 1 and 2.  

Radiation detection and monitoring company Mirion Technologies acquired Paragon Energy Solutions for $585 million. 

Sempra sold a 45% equity interest in affiliate Sempra Infrastructure Partners for $10 billion to KKR and the Canada Pension Plan Investment Board. Sempra Infrastructure Partners reached a final investment decision to advance the development, construction, and operation of Port Arthur LNG Phase 2.  

Eni secured $1 billion in power purchases with Commonwealth Fusion Systems’ project in VA from the 400 MW ARC project in Chesterfield County.  

I Squared Capital acquired a majority interest in battery manufacturer ENTEK Technology for $800 million. The investment will fund the construction of a gigafactory in Terre Haute, IN, the first and only facility of its kind in the U.S. producing wet-process lithium-ion battery separators.  

Mach Natural Resources acquired assets in the Permian Basin for $500 million from Sabinal Energy and in the San Juan Basin for $787 million from IKAV San Juan.  

California Resources acquired Berry Corp for $717 million. In addition to CA acreage, Berry holds 100,000 net acres in UT’s oil-rich Uinta Basin. The company holds 20,000 net acres in CA’s oil-rich Central Valley. 

Chord Energy acquired Williston Basin assets from XTO for $550 million. The deal includes 48,000 net acres in the Williston Basin, 72 net operated 2-mile locations, and production of 9,000 BOED.   

Blackstone Energy acquired a PA natural gas power plant from Ardian for $1 billion. The Hill Top Energy Center is a 620 MW combined cycle gas turbine plant in Greene County. Hill Top supports the power needs for data center development and the PA-NJ-MD electric market.  

Cenovus Energy sold its 50% stake in the WRB Refining joint venture with Phillips 66 for $1.4 billion.  Cenovus also purchased Canadian oil sands producer MEG Energy for $5.7 billion.  The WRB Refining LP is a 50-50 JV that owns the Wood River refinery in Roxana, IL, and the Borger refinery in Borger, TX.  

Diversified Energy acquired Canvas Energy for $550 million. The deal complements Diversified’s existing position in OK with additional assets concentrated in Major, Kingfisher, and Canadian counties. Canvas’ net production is 147 MMCFED. Diversified now holds 1.6 million net acres in OK.   

Peak 10 Energy acquired Verado Energy’s Scurry County, TX, assets in the Hermleigh Field. Verado’s assets produced 430 BBLD of oil and 3.1 MMCFD of natural gas. 

Solaris Assets acquired Sunnova Energy, securing Sunnova’s solar service, operations, and management platforms.  Solaris also acquired Sunnova’s solar generation and storage portfolio.  

Permian Resources executed 250 bolt-on and grassroots transactions in the Delaware Basin totaling 5,500 net leasehold acres, 2,400 net royalty acres, and 800 BOED of production for $180 million.    

Devon completed two lease acquisitions in the Delaware Basin for $168 million, adding 60 net drilling locations. Devon also purchased all outstanding non-controlling interests in Cotton Draw Midstream, a natural gas gathering and compression company in the Delaware Basin, for $260 million.   

Amplify Energy sold its OK interests for $92.5 million. Amplify held 95,000 net acres in Woods, Alfalfa, and Major counties. Net production in the Mississippian Lime play was 4,400 BOED. 

Ovintiv acquired Calgary-based NuVista Energy for $2.7 billion that includes 930 net 2-mile drilling locations in the oil-rich Alberta Montney, 140,000 net acres, and 100,000 BOED of production.  

Crescent Energy sold its Barnett Shale assets and conventional assets in the Rockies and Midcontinent held by subsidiaries for $700 million. Javelin operated assets in the Barnett Shale, where the company held 126,000 net acres. Contango Resources operated Crescent’s conventional assets in Wyoming and the Midcontinent.  

Viper Energy sold non-Permian Basin assets for $670 million to GRP Energy Capital and Warwick Capital Partners. Daily production was 10,000 BOED.

SM Energy and Civitas Resources have merged to form a combined company valued at $12.8 billion. By acquiring Civitas, SM expanded into a five-basin operator with assets in the Midland, Delaware, Eagle Ford, Denver-Julesburg, and Uinta shale plays.  

Comstock Resources sold non-core natural gas assets in East TX and LA for $445.2 million. Comstock agreed to sell its properties in the Shelby Trough, which includes 36,000 net acres and interests in 155 wells in Nacogdoches, San Augustine, and Shelby counties, TX. Comstock also divested its interests in Cotton Valley wells in East TX and north LA.  

BPX has agreed to sell non-controlling Permian Basin and Eagle Ford Shale midstream assets to Sixth Street for $1.5 billion. BPX’s midstream assets include pipelines and facilities and four Permian central processing facilities – Grand Slam, Bingo, Checkmate, and Crossroads.  

Exxon acquired 80,000 net acres in the Permian Basin from Sinochem Petroleum. The deal covers acreage in the southern Midland Basin tied to a joint venture between Sinochem and Pioneer.