M&A

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”
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””