M&A

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DOJ Working from Outdated Info in Evaluating Devon/Coterra Merger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 By applying outdated antitrust frameworks, the government risks stifling innovation and weakening companies’ ability to compete globally.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 Read More “DOJ Working from Outdated Info in Evaluating Devon/Coterra Merger”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”
Antero Resources | Belmont County | Energy Companies | Guernsey County | Harrison County | Industrywide Issues | INR/Infinity Natural Resources | M&A | Northern Oil & Gas | Ohio

NOG & INR Adjust Ownership Split of Antero’s Ohio Utica Assets
February 20, 2026February 20, 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. Yesterday, NOG and INR announced that they are tweaking the arrangement, with INR boosting its ownership share in the deal from 51% to 60%. Read More “NOG & INR Adjust Ownership Split of Antero’s Ohio Utica Assets”
Energy Services | Industrywide Issues | M&A | Williams

Midstreamer Williams Rumored to be Interested in Upstream Again
February 9, 2026April 13, 2026

Pipeline giant Williams Companies is exploring a strategic return to natural gas production to create an integrated “one-stop shop” for AI hyperscalers and data center operators. By potentially acquiring upstream assets to complement its 33,000-mile pipeline network and new power-generation projects such as the Socrates facility in Ohio, Williams aims to offer a turnkey energy solution that bypasses traditional grid constraints. This move toward a “bundled” model reverses a decade of industry specialization, positioning the firm to capitalize on the massive power demands of artificial intelligence. Investors are watching for official confirmation during the company’s 2026 analyst day tomorrow. Read More “Midstreamer Williams Rumored to be Interested in Upstream Again”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Susquehanna County

Analysts Speculate About the Future of Coterra’s Marcellus Assets
February 4, 2026February 4, 2026

Yesterday, 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). The focus of the merger is the two companies’ complementary acreage in the oil-rich Delaware Basin, a subbasin in the Texas Permian. Analysts are now discussing what a post-merger company will look like in terms of assets. Will the combined company (keeping the Devon name) keep or sell its prolific Marcellus assets in Susquehanna County, PA? Read More “Analysts Speculate About the Future of Coterra’s Marcellus Assets”
Coterra Energy (Cabot O&G) | Energy Companies | Industrywide Issues | M&A

Coterra Energy CEO Tom Jorden’s “Golden Parachute” Worth Millions
February 4, 2026February 4, 2026

Not that he isn’t already a very rich man, but Coterra Energy CEO Tom Jorden stands to rake in an additional $6 million to $9 million (possibly much more) from a “golden parachute” if the proposed merger between Coterra and Devon Energy goes through. Based on the reports following the merger announcement between Coterra and Devon, Coterra’s upper management (in particular, Jorden) is protected by substantial “golden parachute” (change-in-control) agreements. These agreements were specifically updated just before the deal was made public to ensure executive retention and fair treatment during the transition. Read More “Coterra Energy CEO Tom Jorden’s “Golden Parachute” Worth Millions”
Antero Resources | Energy Companies | HG Energy | Industrywide Issues | M&A | West Virginia

Antero Closes on Buying HG Energy for $2.8B, Borrows $1.5B from RBC
February 4, 2026February 4, 2026

In December, MDN brought you the news that Antero Resources, the country’s fifth-largest natural gas producer and largest producer in West Virginia, had cut a deal to buy WV driller and midstreamer HG Energy II for a combined $3.9 billion, paying $2.8 billion for upstream and $1.1 billion for midstream (see Antero Resources Buys HG Energy II in Deal Worth $3.9 Billion). The deal will add a massive 385,000 net acres to Antero’s existing ~475,000 net core Marcellus acreage position, bringing with it another 850 MMcfe/d in production. The deal closed yesterday. HG Energy is no more. Read More “Antero Closes on Buying HG Energy for $2.8B, Borrows $1.5B from RBC”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger
February 3, 2026February 3, 2026

As rumored last week, Devon Energy and Coterra Energy are merging to create a shale drilling giant. The headlines say it’s a “$58 billion deal.” Beneath the headlines, you’ll learn that Devon is buying, Coterra is being acquired, and that Devon is paying (in stock only) $21.4 billion for Coterra Energy. The two companies combined into one will be worth (market capitalization) around $58 billion, which is where that headline number comes from. The merger is expected to take place in the second quarter of this year. The new company will keep the Devon Energy name. Coterra will be no more, just like Cabot Oil & Gas was no more after it merged with Cimarex Energy to form Coterra in October 2021 (see Cimarex Takes Over Cabot, Merged Co. Called “Coterra Energy”). Read More “Devon Energy Buying Coterra Energy for $21.4B in All-Stock Merger”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Coterra/Devon $60B Merger Likely to be Announced Next Week
January 30, 2026January 30, 2026

All the major media outlets (Reuters, Bloomberg, Financial Times) are reporting that a merger announcement between Coterra Energy and Devon Energy is very close, likely to happen next week, according to sources “familiar with the discussions.” MDN reported on the rumors of a potential merger earlier this month (see Rumor Mill Lights Up: Coterra Considers Merger with Devon Energy). The unnamed sources say the merger will be billed as a merger of equals. Which is rubbish. You’ll know which company is doing the buying when it’s announced which CEO and board will run the merged entity. Read More “Coterra/Devon $60B Merger Likely to be Announced Next Week”
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Devon Energy, Coterra Energy Said to be in “Advanced Merger Talks”
January 23, 2026January 23, 2026

Last Friday, MDN reported that the rumor mill was in overdrive with chatter that Devon Energy and Coterra Energy are exploring a potential merger “that would be among the biggest oil and gas deals in years” (see Rumor Mill Lights Up: Coterra Considers Merger with Devon Energy). Since that time, we’ve not heard anything further… until we came across an article in the Oklahoma Energy Today publication stating that the merger talks are in an “advanced” stage. Read More “Devon Energy, Coterra Energy Said to be in “Advanced Merger Talks””
Coterra Energy (Cabot O&G) | Devon Energy | Energy Companies | Industrywide Issues | M&A

Rumor Mill Lights Up: Coterra Considers Merger with Devon Energy
January 16, 2026January 16, 2026

The rumor mill is in overdrive today with news that Coterra Energy is in serious talks with Devon Energy exploring a potential merger “that would be among the biggest oil and gas deals in years.” While the primary driver of this deal is gaining massive scale in the Permian Basin, Coterra’s substantial Marcellus Shale assets in northeastern Pennsylvania (NEPA) are a major point of speculation for analysts and investors. It appears possible (likely?) that a combined company would sell off the PA Marcellus assets. Read More “Rumor Mill Lights Up: Coterra Considers Merger with Devon Energy”
Electrical Generation | Industrywide Issues | M&A

Talen Picks Up Another 3 Gas-Fired Power Plants in PJM for $3.45B
January 16, 2026January 17, 2026

At the end of November, Talen Energy, a leading energy producer in the U.S. (owns and operates approximately 13.1 gigawatts (GW) of power infrastructure) completed the acquisition of two gas-fired power plants for $3.8 billion: one located near Wilkes-Barre in northeastern Pennsylvania, and the other in Guernsey County, in eastern Ohio (see Talen Completes Purchase of M-U Gas-Powered Plants in PA, OH). Talen loves the Marcellus/Utica. The company is buying three more gas-fired plants, two in Ohio and one in Indiana, for $3.45 billion. The three plants will add a cumulative 2.6 GW of electricity to Talen’s existing 13.1 GW. Read More “Talen Picks Up Another 3 Gas-Fired Power Plants in PJM for $3.45B”
Antero Resources | Energy Companies | Industrywide Issues | M&A

Antero Floats $750M in IOUs to Help Fund Purchase of HG Energy
January 15, 2026January 15, 2026

In December, MDN brought you the news that Antero Resources, the country’s fifth-largest natural gas producer and largest producer in West Virginia, had cut a deal to buy WV driller and midstreamer HG Energy II for a combined (upstream & midstream) $3.9 billion (see Antero Resources Buys HG Energy II in Deal Worth $3.9 Billion). The deal will add a massive 385,000 net acres to Antero’s existing ~475,000 net core Marcellus acreage position, bringing with it another 850 MMcfe/d in production. The same day, we told you that Antero was selling its considerable Ohio Utica assets for $1.2 billion, which will help fund the purchase (see NOG & INR Partner to Buy Antero Resources’ Ohio Utica for $1.2B). The company still needs cash to buy HG Energy, so on Tuesday, Antero announced it will issue a new round of IOUs (“senior notes”) to raise another $750 million. Read More “Antero Floats $750M in IOUs to Help Fund Purchase of HG Energy”
Ascent Resources | Energy Companies | Industrywide Issues | M&A | Ohio | Statewide OH

Law Firm for Ascent Resources Bd. Accused of Conflict of Interest
January 14, 2026January 14, 2026

The bidding war for Ascent Resources continues and gets more complex. Law firm Kirkland & Ellis has been drawn into a dispute between Ascent Resources investors and the private equity firm Energy & Minerals Group (EMG). Mason Capital Management is questioning Kirkland & Ellis’s role representing the Ascent board while also advising EMG in its legal fight with the Abu Dhabi Investment Council. The dispute concerns EMG’s plan to put Ascent into a “continuation vehicle,” which Mason Capital and other investors have opposed. Other companies have since jumped in to make bids to take over Ascent. Read More “Law Firm for Ascent Resources Bd. Accused of Conflict of Interest”