M&A

Industrywide Issues | M&A

ArcLight Capital, Owner of Major Assets in M-U, Sold to Japan Co.
May 28, 2026May 28, 2026

Founded in 2001, ArcLight Capital Partners is a leading infrastructure investor focused on critical electrification assets. The firm has owned, controlled, or operated more than 70 GW of assets and 48,000 miles of electric and gas transmission and storage infrastructure, representing over $90 billion in enterprise value. ArcLight invests across power, hydro, solar, wind, battery storage, electric and natural gas transmission, storage infrastructure, and digital power. ArcLight is an investor/owner of a number of key assets in the Marcellus Utica, including gas-fired power plants and pipelines (see our ArcLight stories here). ArcLight is being sold for $1 billion to a subsidiary of Japan’s SoftBank Group, one of the world’s largest technology investors. Read More “ArcLight Capital, Owner of Major Assets in M-U, Sold to Japan Co.”
Energy Services | Industrywide Issues | M&A | NextEra Energy

NextEra Energy Buying Shale Investor Caliber Resource Partners
May 21, 2026May 21, 2026

NextEra Energy, headquartered in Juno Beach, Florida, is gobbling up companies left and right. Earlier this week, NextEra announced it is buying out and merging with a fellow utility giant, Dominion Energy (see NextEra Energy Buying, Merging with Dominion Energy for $66 Billion). That deal is largely about supplying data centers with power from gas-fired power plants. And now, according to sources whispering to Reuters, NextEra is buying out and merging with oil and gas investment firm Caliber Resource Partners for $1.3 billion. Read More “NextEra Energy Buying Shale Investor Caliber Resource Partners”
Dominion Energy | Energy Services | Industrywide Issues | LDCs | M&A | NextEra Energy | Pennsylvania | South Carolina | Virginia

M-U Projects Potentially Impacted by NextEra/Dominion Merger
May 19, 2026May 19, 2026

Yesterday, MDN brought you the big news that NextEra Energy and Dominion Energy will combine in an all-stock transaction, creating the world’s largest regulated electric utility business serving approximately 10 million customer accounts across Florida, Virginia, North Carolina, and South Carolina (see NextEra Energy Buying, Merging with Dominion Energy for $66 Billion). Now that the news itself has settled in, analysts are beginning to explore what it means for this constituency and that constituency. Whenever there’s a takeover with new management, existing (or planned) projects can change. We wondered, what’s the list of projects owned by Dominion and NextEra in the Marcellus/Utica region that may change when the two companies join? Read More “M-U Projects Potentially Impacted by NextEra/Dominion Merger”
Electrical Generation | Industrywide Issues | M&A | Maryland

AlphaGen & ArcLight Close on Buying DC-Area Gas-Fired Power Plant
May 19, 2026May 19, 2026

AlphaGen (Alpha Generation LLC) is one of the largest independent power producers in the United States, majority-owned by ArcLight Capital Partners. It owns and operates a massive portfolio of critical power infrastructure—including natural gas-fired and floating power stations—to meet rising energy demand driven by grid electrification and data centers. Yesterday, AlphaGen and ArcLight announced they have acquired Brandywine Power, a 250 MW natural gas combined-cycle generating facility in Prince George’s County, Maryland, from Onward Energy Holdings. The plant is fed by Marcellus/Utica molecules. Read More “AlphaGen & ArcLight Close on Buying DC-Area Gas-Fired Power Plant”
Dominion Energy | Energy Services | Industrywide Issues | LDCs | M&A | NextEra Energy

NextEra Energy Buying, Merging with Dominion Energy for $66 Billion
May 18, 2026May 18, 2026

This is HUGE and breaking news… NextEra Energy and Dominion Energy announced this morning that they will combine in an all-stock transaction, creating the world’s largest regulated electric utility business serving approximately 10 million customer accounts across Florida, Virginia, North Carolina, and South Carolina. The combined entity, operating under the NextEra Energy name, will be over 80% regulated and benefit from enhanced scale, efficiency, and diversified growth. How much is NextEra paying for Dominion? Read More “NextEra Energy Buying, Merging with Dominion Energy for $66 Billion”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon and Coterra Complete Merger, Launches $8B Buyback Program
May 8, 2026May 8, 2026

In February, MDN brought you the big news that Devon Energy is buying out and merging with Coterra Energy, paying $21.4 billion in Devon stock (see Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger). On Monday of this week, shareholders from both companies voted overwhelmingly to approve the merger, the last remaining hurdle (see Devon and Coterra Shareholders Approve Merger; Happening May 7). Yesterday, the deed was done. Immediately after the merger was official, the new board of directors approved a plan to spend $8 billion by June 2029 to repurchase (buy back) shares of stock. Read More “Devon and Coterra Complete Merger, Launches $8B Buyback Program”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon and Coterra Shareholders Approve Merger; Happening May 7
May 5, 2026May 5, 2026

Devon Energy and Coterra Energy shareholders have approved all proposals needed to complete the companies’ previously announced all-stock merger, which is expected to consummate on May 7, 2026. More than 98% of the votes cast by Devon shareholders and more than 99% by Coterra shareholders supported the deal. Executives said the merger will create a larger shale operator with complementary assets, improved scale, enhanced margins, free cash flow growth, and stronger shareholder returns. Read More “Devon and Coterra Shareholders Approve Merger; Happening May 7”
Industrywide Issues | M&A | Pipelines

Ares Mgmt Buys Blackstone’s Entire 32.4% Stake in Rover Pipeline
May 1, 2026May 1, 2026

The Rover Pipeline is a 711-mile, $6.3 billion natural gas transmission pipeline operated by Energy Transfer, transporting up to 3.25 billion cubic feet per day (Bcf/d) of Marcellus and Utica Shale gas. It connects supply areas in West Virginia, Pennsylvania, and Ohio to markets in the Midwest, Great Lakes, and Canada. As of April 29, 2026, Blackstone (via its Energy Transition Partners funds) has sold its entire 32.4% ownership stake in Rover to Ares Management. Blackstone originally acquired its ownership stake in 2017 to fund the construction of the pipeline. Read More “Ares Mgmt Buys Blackstone’s Entire 32.4% Stake in Rover Pipeline”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Kimmeridge Hints Devon Energy Needs to Sell M-U After Coterra Merger
April 29, 2026April 29, 2026

In February, MDN brought you the big news that Devon Energy is buying out and merging with Coterra Energy, paying $21.4 billion in Devon stock (see Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger). That merger is set to happen next Monday, May 4th. One of the reasons (perhaps THE reason) why Coterra is merging was pressure from “activist” investor Kimmeridge, which launched a public campaign last November to force Coterra to split the company, to sell off its Marcellus (and Anadarko) assets, and focus 100% on oil drilling in the Permian (see Activist Investor Declares Coterra Merger Failed – Sell Marcellus). Kimmeridge, which holds approximately 1% of Coterra’s stock and 1.4% of Devon Energy’s stock, published an open letter to Devon yesterday. Read More “Kimmeridge Hints Devon Energy Needs to Sell M-U After Coterra Merger”
Electrical Generation | Industrywide Issues | M&A | Ohio | Regulation

PJM Monitor Opposes Hull Street Energy Deal for 2 Gas-Fired Peakers
April 28, 2026April 28, 2026

In March, Hull Street Energy (HSE) entered an agreement to acquire two peaking power plants from Rockland Capital, LP, significantly expanding its Milepost Power portfolio (see Hull Street Energy Buys 2 PJM Gas-Fired Peakers That Use 20 Bcf/Yr). The acquisition includes the 677-megawatt (MW) Lee County Generating Station in Illinois and the 586-MW Tait Electric Generating Station in Ohio. Both facilities operate within the PJM electricity market, providing essential fast-start resources and grid stability amidst tightening supply-demand dynamics. The PJM market monitor (independent of the grid operator) is recommending to the Federal Energy Regulatory Commission (FERC) that it reject the sale. Read More “PJM Monitor Opposes Hull Street Energy Deal for 2 Gas-Fired Peakers”
Electrical Generation | Industrywide Issues | M&A | New York | Statewide NY

PowerTransitions Buying 5 Gas-Fired Power Plants in Anti-Gas NY
April 23, 2026April 23, 2026

PowerTransitions, an independent power producer specializing in redeveloping legacy power facilities, has agreed to acquire five New York gas-fired power plants — Batavia, Hillburn, Massena, Shoemaker, and Sterling — totaling 323 megawatts (MW) from Alliance Energy Group affiliates. Terms of the deal were not disclosed. The deal marks PowerTransitions’ entry into the New York market, bringing its total portfolio to approximately 550 MW across seven stations spanning multiple NYISO zones. PowerTransitions says the acquired sites offer “brownfield redevelopment potential” for new power generation and battery storage. Frankly, this one is a head-scratcher for us. Read More “PowerTransitions Buying 5 Gas-Fired Power Plants in Anti-Gas NY”
AI | Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon-Coterra Merger Marks End of Shale 2.0, Start of Shale 3.0
April 10, 2026April 10, 2026

On February 2, 2026, Devon Energy and Coterra Energy announced a landmark $58 billion all-stock merger, creating a “Super-Independent” energy producer targeting the AI-driven surge in power demand (see Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger). The deal combines Devon’s Permian Basin oil operations with Coterra’s dominance in the Marcellus Shale, yielding pro forma production of 1.6 million Boe/d (barrels of oil equivalent per day), including 4.3 Bcf/d (billion cubic feet per day) of natural gas. The merger strategically positions the new Devon to supply direct, fixed-price gas contracts to tech hyperscalers like Microsoft, Meta, and Google, signaling a historic convergence of the shale energy and artificial intelligence industries. Read More “Devon-Coterra Merger Marks End of Shale 2.0, Start of Shale 3.0”
Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | Industrywide Issues | M&A | Pipelines

Blackstone & EQT Increase Ownership Stake in MVP Partnership
April 9, 2026April 9, 2026

In July 2024, EQT Corporation closed on a $5.4 billion deal to buy back the midstream division it had spun off in 2018 (see Reunited: EQT Closes on Deal to Buy Equitrans Midstream for $5.4B). A few months later, EQT announced a deal to sell a substantial stake in its newly-acquired midstream assets (namely, Mountain Valley Pipeline) to investment firm Blackstone in return for $3.5 billion in cold, hard cash (see EQT Closes Midstream JV Deal with Blackstone for $3.5 Billion). EQT and Blackstone formed a midstream joint venture, PipeBox, which owns the investment. In March, the two lovebirds announced they were increasing their JV ownership in MVP from 49% to 53% at a cost of $201 million. Read More “Blackstone & EQT Increase Ownership Stake in MVP Partnership”
Industrywide Issues | M&A | Ohio | Pipelines | Statewide OH

UAE Buying Minority Stake in Rover Pipeline, Ohio River System
April 2, 2026April 2, 2026

The Abu Dhabi (United Arab Emirates) investment group 2PointZero, via its subsidiary ePointZero, has agreed to acquire U.S. natural gas infrastructure firm Traverse Midstream Partners for $2.25 billion. This acquisition includes stakes in the Rover Pipeline and Ohio River System, which connect the productive Utica/Marcellus shale region to major demand centers and export hubs. Despite escalating Middle East geopolitical tensions and global energy disruptions, the deal underscores the UAE’s commitment to commercial partnerships with the United States. Read More “UAE Buying Minority Stake in Rover Pipeline, Ohio River System”
Duke Energy | Energy Services | Industrywide Issues | M&A | Pipelines

Spire Completes Acquisition of TN Piedmont NatGas from Duke Energy
April 1, 2026April 1, 2026

Utility company Spire Inc. (based in St. Louis, MO) successfully finalized its $2.48 billion acquisition of Duke Energy’s Piedmont Natural Gas utility business in Tennessee on March 31, 2026. Rebranded as Spire Tennessee, the utility becomes the state’s largest investor-owned natural gas provider, serving over 200,000 customers in the Nashville region via 3,800 miles of pipeline. Approximately 200 former Piedmont employees joined Spire. The natural gas that supplies Tennessee mostly comes from the Marcellus/Utica. Read More “Spire Completes Acquisition of TN Piedmont NatGas from Duke Energy”
Energy Companies | Equinor/Statoil | Industrywide Issues | M&A

Norway’s Equinor is Shopping for New Assets in the Marcellus Shale
March 24, 2026March 24, 2026

Norway’s Equinor (formerly Statoil) is expanding its U.S. shale gas footprint, specifically targeting the Marcellus Shale to increase “portfolio longevity.” This strategic move is part of a broader global reshuffling in which Equinor is divesting from mature assets in regions such as Azerbaijan and Nigeria to reinvest in high-growth areas. The U.S. remains Equinor’s largest international development hub, and the company aims to boost non-Norwegian production to 900,000 barrels per day by 2030. By focusing on non-operated positions in Appalachia and the Gulf of Mexico, Equinor is “high-grading” its portfolio to relocate capital toward more sustainable, long-term production assets. Read More “Norway’s Equinor is Shopping for New Assets in the Marcellus Shale”