M&A

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”
Electrical Generation | Industrywide Issues | M&A | Ohio

Hull Street Energy Buys 2 PJM Gas-Fired Peakers That Use 20 Bcf/Yr
March 24, 2026March 24, 2026

Hull Street Energy (HSE) has entered an agreement to acquire two peaking power plants from Rockland Capital, LP, significantly expanding its Milepost Power portfolio. 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. Upon closing later this year, HSE’s total generation capacity will reach nearly 5,000 MW, establishing it as one of the largest private power producers in the United States. Read More “Hull Street Energy Buys 2 PJM Gas-Fired Peakers That Use 20 Bcf/Yr”
Electrical Generation | Industrywide Issues | M&A | Pennsylvania

Constellation Selling $5B of Its PJM Gas-Fired Plants to LS Power
March 19, 2026March 19, 2026

In January, Constellation Energy Corporation finalized its acquisition of Calpine Corporation, becoming the largest private-sector electricity producer in the United States (see Constellation Closes on Buying Calpine, Now U.S.’s Largest Power Co.). As a condition of the merger, the Federal Energy Regulatory Commission (FERC) and the U.S. Department of Justice required the sale of seven power plants, including five in the PJM Interconnection. Constellation announced yesterday that it is selling the five PJM power plants to LS Power for $5 billion. Read More “Constellation Selling $5B of Its PJM Gas-Fired Plants to LS Power”
AI | Electrical Generation | Industrywide Issues | M&A | Mason County | West Virginia

Mason County, WV Data Center Project (Gas Powered) Sold to Nscale
March 17, 2026March 17, 2026

Rendering of American Intelligence & Power Corporation’s Monarch Cloud Campus in West Virginia (click for larger version)

In January, MDN reported that Fidelis New Energy and 8090 Industries together had launched a new company, American Intelligence & Power Corporation (AIPCorp), to develop the Monarch Compute Campus in Mason County, West Virginia (see Huge New Data Center Coming to Mason County, WV with 2 GW Gas Power). This 2,380-acre microgrid project provides behind-the-meter power for AI and hyperscale data centers, bypassing standard grid delays. Yesterday, AIPCorp announced it has sold itself to Nscale Global Holdings Limited, one of the fastest-growing hyperscalers in the world. Some of the details about the project’s gas-fired power plant changed in yesterday’s announcement. Nscale announced separately that it has secured its first customer for the Monarch Compute Campus: Microsoft. Read More “Mason County, WV Data Center Project (Gas Powered) Sold to Nscale”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A | Regulation

DOJ Working from Outdated Info in Evaluating Devon/Coterra Merger
March 2, 2026March 2, 2026

The proposed $58 billion merger between Devon Energy and Coterra Energy is under scrutiny by the U.S. Department of Justice (DOJ) over “shale market dominance.” The key problem is: how does the DOJ define a “market” that may be dominated? What, exactly, is a market? Critics argue that the DOJ’s narrow market definitions—mirrored in its antitrust case against Visa—ignore broader competitive realities and existing regulations, such as the Durbin Amendment. While the Devon/Coterra merger increases shale concentration, natural gas remains a singular, competitive (much broader) market regardless of extraction methods. By applying outdated antitrust frameworks, the government risks stifling innovation and weakening companies’ ability to compete globally. Ultimately, rational policy must reflect modern market dynamics to avoid economic stagnation and the fragmentation of viable industries. So says author (and lawyer) Daniel Markind. Read More “DOJ Working from Outdated Info in Evaluating Devon/Coterra Merger”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon and Coterra Name Merger Team Members, Integration Underway
February 27, 2026February 27, 2026

Following the announcement of a $25.35 billion all-stock merger, Devon Energy and Coterra Energy have launched integration planning by naming a dedicated leadership team. Devon CEO Clay Gaspar and Coterra CEO Tom Jorden announced that Trey Lowe (from Devon) and Blake Sirgo (from Coterra) will co-lead the effort, with support from external partner McKinsey & Co. The combined management team includes executives from both firms, with a focus on finance, technology, and human resources. This transition coincides with Devon’s move of its headquarters from Oklahoma City to Houston. Although integration planning has begun, the companies will operate independently until the merger’s expected closing in the second quarter of 2026. Read More “Devon and Coterra Name Merger Team Members, Integration Underway”
Antero Resources | Belmont County | Energy Companies | Guernsey County | Harrison County | Industrywide Issues | INR/Infinity Natural Resources | M&A | Northern Oil & Gas | Ohio

INR & NOG Close on Purchase of Antero’s Ohio Utica Assets for $1.2B
February 24, 2026February 24, 2026

In December, Antero Resources announced a deal to sell its Ohio Utica assets to a partnership of Northern Oil & Gas (NOG) and Infinity Natural Resources (INR) for $1.2 billion in cash (see NOG & INR Partner to Buy Antero Resources’ Ohio Utica for $1.2B). The deal includes 71,000 net acres concentrated in Ohio’s Guernsey, Belmont, and Harrison counties, producing 133 MMcfe/d (81% gas, 19% liquids) from 255 laterals. The midstream (pipeline) part of the deal includes approximately 141 miles of wholly owned midstream gathering lines and approximately 90 miles of water lines. As of yesterday, the deal closed. INR now operates those assets. Read More “INR & NOG Close on Purchase of Antero’s Ohio Utica Assets for $1.2B”
Ascent Resources | Energy Companies | Industrywide Issues | M&A | Ohio

Mason Capital Demands to See Ascent Resources’ Books & Records
February 20, 2026February 20, 2026

The bidding war for Ascent Resources continues to bubble. Ascent, formerly American Energy Partners, is a privately held company focused 100% on the Ohio Utica Shale. Ascent, headquartered in Oklahoma City, is Ohio’s largest natural gas producer and the 8th largest natural gas producer in the U.S. The largest shareholder in the privately owned company is the private equity firm Energy & Minerals Group (EMG), with an “over 30% stake.” EMG wants to sell that stake in one of its portfolio companies to another EMG company. That action set off a firestorm with one major investor (the Abu Dhabi Investment Council) suing to block the transfer, and several other investors, including Mason Capital Management, making offers to buy the company lock, stock, and barrel. Mason issued a press release yesterday, “demanding” answers from Ascent, accusing the board of stonewalling. Read More “Mason Capital Demands to See Ascent Resources’ Books & Records”