Oil & Gas Acquisitions in United States

Borco U.S.A., an independent oil and gas exploration and production company, announced it has acquired an unnamed Permian Basin-based well service company that operates three active well service rigs. The acquired business provides well servicing, workover, and maintenance for producing wells across West Texas and Southeast New Mexico, and will be maintained as a dedicated operating division within Borco. Financial terms were not disclosed.

Zeitview, an AI-driven asset intelligence company for critical infrastructure, acquired methane detection and analytics firm Insight M to expand into the oil and gas sector. The deal adds Insight M’s aircraft-based methane detection and basin-scale analytics to Zeitview’s inspection operations and visual data/AI platform, creating a broader end-to-end asset intelligence offering for energy infrastructure.

RelaDyne, a lubricant distributor and provider of fuel and industrial reliability services, has acquired Dion and Sons, a Southern California petroleum distributor that also provides industrial reliability services. The deal adds seven Dion and Sons facilities across Southern California and expands RelaDyne’s West Coast coverage and service capabilities.

Reliable Energy Partners, backed by Soundcore Capital Partners, has acquired Irvington Gas, LLC, a bulk-propane distributor. The deal expands Reliable’s propane distribution footprint to six states and represents the fifth acquisition since the platform was formed in November 2025. Terms of the transaction were not disclosed.

SM Energy Company closed an all-stock merger with Civitas Resources, Inc. following stockholder approvals on January 27, 2026. The combined company will retain the SM Energy Company name and continue trading on the New York Stock Exchange under the ticker “SM,” with Beth McDonald appointed President and CEO and Julio Quintana remaining Non-Executive Chairman.

RelaDyne, a U.S. lubricant distributor and provider of fuel, DEF, and industrial reliability services, has acquired Dennis Oil Company. Dennis Oil is a family-owned blender and distributor of commercial and industrial lubricants headquartered in Springfield, Missouri, serving customers across Missouri, Kansas, Oklahoma, and Arkansas. The deal expands RelaDyne’s Midwest footprint and adds density in key regional markets while leveraging Dennis Oil’s customer relationships and product expertise.

Lime Rock Partners closed an equity commitment to Athena Energy Partners, LLC, a Houston-based upstream oil and gas company focused on acquiring and developing oil and gas assets in South Texas. Backed by Lime Rock, Athena plans to pursue acquisitions and development opportunities primarily in the Eagle Ford Shale along the Gulf Coast.

SLB (NYSE: SLB) announced it has completed the acquisition of RESMAN Energy Technology, a provider of wireless reservoir surveillance and tracer solutions. SLB said RESMAN’s specialized wireless tracer capabilities will strengthen its portfolio of advanced production and recovery solutions by improving reservoir insights, operational efficiency, and well performance monitoring.

USA Compression Partners LP completed the acquisition of J-W Power Company for approximately $860 million. The deal was financed with $430 million of cash drawn from USA Compression’s revolving credit facility and the issuance of about 18.2 million common units, and it adds more than 0.8 million active horsepower to USA Compression’s natural gas compression fleet across several major U.S. basins/regions. The acquisition also includes aftermarket services, parts distribution and specialized manufacturing services, and is intended to strengthen USA Compression’s mid-to-large horsepower compression position and diversify its customer base.

Lane42 Investment Partners acquired Aqua Terra Permian in partnership with Karis Midstream Partners. The investment is intended to support the continued growth and expansion of Aqua Terra Permian’s midstream infrastructure services in the Permian Basin, including gathering, transportation, and saltwater disposal.

Encore Oilfield Services, LLC acquired Custom Compression Systems, LLC (formerly Williamson Production Systems, LLC), a natural gas compression packaging and manufacturing business located in New Iberia, Louisiana. Custom Compression Systems was previously a wholly owned subsidiary of Louisiana Machinery Company, L.L.C. (Louisiana Cat), and the deal expands Encore’s manufacturing footprint and capacity for natural gas compression solutions.

Cactus, Inc. completed its previously announced acquisition of a 65% controlling interest in Baker Hughes Company's Surface Pressure Control (SPC) business. The deal is described as transformational for Cactus, expanding its geographic footprint and access to new growth markets; Cactus expects to provide formal financial guidance for SPC later in the first quarter of 2026.

Infinity Natural Resources, Inc. acquired Chase Oil Corporation’s working interest in Infinity’s South Bend field in Pennsylvania in an all-stock transaction valued at approximately $36 million, effective January 1, 2026. The bolt-on deal adds producing wells and additional Marcellus and Utica acreage/locations to consolidate Infinity’s core dry-gas position in Armstrong and Indiana Counties, Pennsylvania.

Iron Oak Energy Solutions LLC acquired Superior Silica Sands LLC in an all-stock transaction to expand its frac sand (proppant) supply footprint in the Eagle Ford Shale. The Superior Silica facility adds more than 3 million tons per year of capacity and strengthens Iron Oak’s basin-wide coverage and supply reliability across South Texas.

Crescent Energy Company (NYSE: CRGY) announced it has closed its previously announced all-stock acquisition of Vital Energy, Inc. (NYSE: VTLE). The combination creates a larger independent E&P company and includes governance changes, with two former Vital Energy directors joining Crescent’s board.

Gladstone Investment Corporation, alongside Xyresic Capital, acquired Rowan Energy, Inc., with Gladstone providing senior secured debt and the majority of the equity to complete the transaction. Rowan Energy is an oil-and-gas services company focused on frac sand filtration, completion-equipment deployment, and field-operations support, and is headquartered in Oklahoma City, Oklahoma.

Tailwater Capital LLC closed the acquisition of a majority interest in Central Midstream Partners, LLC, a Houston-based midstream company providing liquids transportation, storage, and terminal services across the Gulf Coast and Ohio. Tailwater will also invest additional equity from Tailwater Fund V to support near-term growth projects, while CEO George Jordan will continue to lead the business.

Spotlight Energy, LLC has closed its acquisition of PathPoint Energy LLC, a natural gas trading, logistics, and asset optimization company operating across North America. The deal expands Spotlight’s commercial platform and accelerates growth in U.S. and Canadian markets, with PathPoint CEO Jared Kaiser joining Spotlight as Chief Commercial Officer.

EQT Infrastructure III and EQT Infrastructure IV have fully exited their remaining stake in Kodiak Gas Services, a natural gas contract compression services provider. The exit completes EQT’s final sell-downs following Kodiak’s 2023 IPO and ends EQT’s nearly seven-year investment partnership that began with its initial investment in 2019.

Reliable Energy Partners, a propane distribution platform backed by Soundcore Capital Partners, has acquired Gateway Propane. Gateway specializes in forklift cylinder exchange services for commercial and industrial customers in the greater St. Louis metropolitan area. Financial terms were not disclosed.

Enstor Pipeline Holdings, LLC (an affiliate of Enstor Gas, LLC) closed its acquisition of Black Bear Transmission Opco, LLC from Basalt Infrastructure Partners. The deal expands Enstor’s natural gas transmission footprint in the Southeastern United States by adding Black Bear’s approximately 1,700 miles of transmission systems with 2.6 Bcf/d of capacity.

Ranger Energy Services, Inc. acquired American Well Services (AWS), a Permian Basin-focused well services provider, from Argonaut Private Equity. The transaction consideration totals approximately $90.5 million and is structured as a mix of cash, Ranger common stock, and a performance-based earn-out. Ranger expects the deal to be immediately accretive and to deliver approximately $4 million of annual synergies, further expanding its scale in U.S. well servicing.

PEDEVCO Corp. closed a transformative merger with certain portfolio companies controlled by Juniper Capital Advisors, L.P., adding oil-weighted producing assets and leasehold interests in the Northern DJ Basin and Powder River Basin. As consideration, PEDEVCO issued 10.65 million Series A convertible preferred shares to Juniper (convertible into 106.5 million common shares) and refinanced the portfolio companies’ outstanding debt and preferred equity. Concurrently, PEDEVCO completed a $35 million private placement of additional convertible preferred shares to support the transaction and maintain a conservative balance sheet.

Paraco Gas, a privately held propane retailer, acquired North Shore Bottled Gas to expand its footprint and service capabilities across New York. North Shore Bottled Gas was founded in 1988 by Bob Burger and has built a reputation for service, safety and community commitment.

Western Midstream Partners, LP (WES) announced it has completed its acquisition of Aris Water Solutions, Inc. The transaction consideration to Aris securityholders was a mix of cash and WES common units (with elections subject to proration), totaling $415.0 million in cash and approximately 26.6 million WES common units. WES stated the combination strengthens its position in produced-water gathering, recycling, transportation, and disposal services in the Delaware Basin.

PROtect, LLC announced the acquisition of Trident Pipeline Integrity, LLC (TPI) to expand PROtect’s Pipeline Integrity program and add advanced non-destructive testing capabilities. The deal strengthens PROtect’s ultrasonic testing and corrosion mapping expertise and deepens its operational presence in Oklahoma serving oil & gas and related energy infrastructure markets.

Alkhorayef Petroleum Company (APC), a Saudi Arabia-headquartered provider of artificial lift solutions, acquired GRC Technologies LLC, a supplier of precision downhole gauges and well instrumentation. The deal expands APC’s electric submersible pump (ESP) offering by adding ESP sensor capabilities and is intended to combine APC’s global footprint with GRC’s instrumentation technology, data/analytics, and digital intelligence to advance AI-enabled artificial lift optimization.

MPLX LP has closed its $2.375 billion acquisition of Northwind Delaware Holdings LLC (Northwind Midstream), a provider of sour gas gathering, treating, and processing services in Lea County, New Mexico. The deal expands MPLX’s Permian Basin natural gas and NGL value chain and is expected to be immediately accretive to distributable cash flow, with approximately $500 million of additional capital planned for expansion projects. MPLX financed the acquisition and related capital needs with net proceeds from $4.5 billion of senior notes issued in August 2025.

Nabors Industries Ltd. entered into a definitive agreement to sell its Quail Tools, LLC subsidiary to Superior Energy Services, Inc. for net consideration of $600 million plus net working capital adjustments. The consideration includes $375 million in cash and a $250 million seller note, and the parties also entered into a preferred supplier agreement for rental drill pipe and related products.

SNF announced it has acquired Obsidian Chemical Solutions LLC, a provider of specialty chemical solutions used primarily in oil and gas completion operations. Headquartered in Midland, Texas, Obsidian serves the Permian Basin and brings significant bulk storage capacity and manufacturing footprint to expand SNF Oil & Gas’s ability to deliver customized chemical formulations and faster service to customers.

Cardinal Services acquired Quality Energy Services (QES) to expand its specialty oilfield services offering, particularly in offshore well intervention and production optimization. QES is headquartered in Broussard, Louisiana, and its President and COO Randy Landry will continue to lead QES post-closing. Cardinal has been backed by Kotts Capital Holdings, a Houston-based single family office investor, and Mazzone & Associates served as Cardinal’s exclusive financial advisor.

CORTEC, a U.S. manufacturer of choke, valve, and automation products for the energy industry, acquired Houston-based Power Chokes from ADS Services. The deal includes Power Chokes’ manufacturing division and all intellectual property associated with legacy Power Chokes equipment, expanding CORTEC’s pressure control and well-control choke offerings.

Atlas Energy Solutions Inc. acquired Propflow, LLC, a provider of patented on-wellsite proppant filtration technology, in a transaction that closed on July 28, 2025. The acquisition is intended to strengthen Atlas’ proppant handling and mine-to-blender proppant logistics capabilities by adding wellsite filtration that reduces frac equipment maintenance costs and downtime.

Blackjack Natural Resources, a newly formed upstream oil and gas company headquartered in Oklahoma City, announced an equity commitment from Pearl Energy Investments and members of Blackjack’s management team. The capital will support Blackjack’s strategy to pursue upstream investment opportunities primarily in the greater Mid-Continent region.

OEG acquired Trinity Rental Services (TRS) and its vertically integrated affiliates to expand OEG’s U.S. footprint and increase fleet capacity and service capabilities in the Gulf of America. TRS, headquartered in Lafayette, Louisiana, provides offshore container rentals for oil and gas (including DNV and SEPCO-certified cargo carrying units) and also offers mechanical integrity and fabric maintenance services; approximately 80 employees will join OEG and transition under the OEG brand over time. The deal is noted as OEG’s first material transaction following Apollo’s acquisition of OEG at an implied valuation of over $1 billion.

Bugle Energy Services, LLC, an oilfield services provider based in Midland, Texas, was acquired by an individual buyer. ACT Capital Advisors represented Bugle Energy Services in the transaction.

EOG Resources announced plans to acquire Encino Acquisition Partners (EAP), a major Utica/Point Pleasant shale producer in eastern Ohio, for $5.6 billion. The transaction is expected to close in the second half of 2025 and will expand EOG’s Utica position by acquiring approximately 675,000 net acres and associated resources.

Innovex International, Inc. completed the all-cash acquisition of Citadel Casing Solutions, LLC to expand Innovex’s energy industrial platform and strengthen its position in the cementing tool market. Citadel provides differentiated downhole/casing technologies, and Innovex expects the deal to be accretive with near-term cost synergies as the business is integrated.

Gladstone Investment Corporation acquired Smart Chemical Solutions, LLC in a transaction completed alongside co-investor Xyresic Capital. Gladstone Investment provided both equity and senior secured debt to finance the acquisition. Smart Chemical is a Midland, Texas-based provider of production chemicals to onshore oil and gas operators across the United States.

One X – A Completions Partner, a portfolio company of Kingswood Capital Management, acquired United Energy Partners (UEP), a provider of pressure control services and equipment rental solutions utilizing service-less (greaseless) valve technology. Headquartered in Greeley, Colorado, UEP expands One X’s pressure-control footprint and inventory of service-less valves across major U.S. shale basins, strengthening its national presence across the Lower 48. UEP’s existing management team will remain with the business post-acquisition.

ArcLight Capital Partners announced that its managed funds acquired a 25% interest in Natural Gas Pipeline Company of America (NGPL), a major U.S. interstate natural gas pipeline and storage system. Following the transaction, ArcLight becomes the largest owner of NGPL with 62.5% economic ownership, while Kinder Morgan continues to own 37.5% and will continue operating NGPL. Financial terms were not disclosed.

WhiteHawk Income Corporation (together with WhiteHawk Energy, LLC and subsidiaries) agreed to acquire PHX Minerals Inc. in an all-cash transaction valued at approximately $187 million including net debt, offering PHX stockholders $4.35 per share. The acquisition adds roughly 1.8 million gross unit acres of natural gas mineral and royalty assets (notably in the Haynesville Shale and the SCOOP/STACK region). The deal was completed on June 23, 2025 following a tender offer and second-step merger, and PHX was delisted from the NYSE.

Dead River Co. acquired the oil and propane fuel distribution and service business of Consumers Fuel Co., based in Belfast, Maine. The transaction was announced by Tounge Associates and closed on May 6, 2025. Consumers Fuel had been family-owned since 1911, and Tounge Associates served as the sole adviser to Consumers in the sale.

Scout Surface Solutions LLC acquired Kinetic Pressure Control Ltd., a pressure and flow control technology company, from SCF Partners’ SCF Ventures portfolio. The transaction strengthens Scout’s completions services and equipment offering with Kinetic’s patented pressure-control systems and well-control technologies; both companies are headquartered in Houston, Texas.

South Wind Exploration & Production, a newly formed independent oil and natural gas company based in Oklahoma City, announced it has received over $400 million of equity commitments. The commitments came from Kayne Private Energy Income Fund III (managed by Kayne Anderson Capital Advisors) and members of South Wind’s management team to support South Wind’s strategy of acquiring and operating large, producing onshore U.S. oil and gas assets.

X2 Resources secured an equity capital commitment from EnCap Investments, Westlawn Group, Rice Investment Group (RIG), and X2’s management team to support the formation and growth of the company. Backed by these sponsors, X2 plans to pursue $500 million to multibillion-dollar acquisition opportunities across major oil and gas basins.

Iron Oak Energy Solutions LLC acquired High Roller Sand, adding a low-cost proppant production facility in Winkler County near Kermit, Texas and expanding Iron Oak’s Permian Basin footprint. The acquired facility can produce up to four million tons of proppant annually and enhances Iron Oak’s ability to serve the Midland and Delaware Basins. Iron Oak Energy is privately held and backed by Anchorage Capital Advisors L.P., Golden Gate Capital, and NGP.

RPC, Inc. acquired Pintail Alternative Energy, L.L.C., doing business as Pintail Completions, effective April 1, 2025, for approximately $245 million (subject to customary post-closing adjustments). Pintail is a Midland, Texas-based provider of oilfield wireline completions services in the Permian Basin, and the acquisition expands RPC’s wireline and completions service offerings. The consideration included cash, RPC restricted stock, and a three-year note issued to one of the sellers.

Phillips 66 completed its previously announced acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP (together, “EPIC NGL”) for approximately $2.2 billion in cash. EPIC NGL owns subsidiaries that include long-haul natural gas liquids pipelines, fractionation facilities, and distribution systems connecting Permian Basin production to Gulf Coast markets, integrating with Phillips 66’s Sweeny Hub.

Main Street Capital Corporation completed a new $49.3 million portfolio investment to facilitate the minority recapitalization of Moffitt Holdings, LLC (d/b/a Moffitt Services), partnering with the company’s founders and management team. The investment consists of first-lien, senior secured term debt and a direct equity investment. Moffitt Services, founded in 2014 and headquartered in Cypress, Texas, provides bulk fuel and lubricant distribution solutions and also operates a complementary rental business supporting disaster response services.

Voyager Interests, LLC made a majority investment in Tejas Completion Services, LLC, a specialty pumping and completion services provider focused on the Permian Basin. As part of the transaction, Voyager’s existing portfolio company VooDoo Energy Services will be merged into Tejas. Financial terms were not disclosed.

Diversified Energy Company PLC announced the completion of its previously announced acquisition of Maverick Natural Resources. The transaction consideration included the issuance of 21,194,213 new Diversified ordinary shares, and Maverick CEO Rick Gideon will join Diversified as Chief Operating Officer effective March 18, 2025.

Star Equity Holdings, Inc. acquired Alliance Drilling Tools, LLC (ADT), a drilling equipment supply and repair company serving the oil and gas, geothermal, mining, and water-well industries. ADT operates facilities in Midland, Texas; Casper and Evanston, Wyoming; and Vernal, Utah, and maintains a comprehensive inventory of drilling tools. Woodbridge (now part of Mariner) advised ADT on the transaction.

Funds managed by Apollo affiliates acquired a majority interest in Bold Production Services, LLC, a provider of production-linked, contracted natural gas treatment solutions. Bold will remain headquartered in Houston, Texas and continue to be led by CEO Glen Wind and the existing management team. OFS Energy Fund was acknowledged as the prior supporting investor, and the transaction was supported by a new credit facility from Bank OZK.

Bluewater has signed an agreement to sell Apex International Energy, an oil & gas exploration and production company headquartered in Houston, to United Energy (MENA) Limited, a wholly owned subsidiary of Hong Kong-based United Energy Group Limited. The transaction is subject to governmental approvals and customary closing conditions, following Bluewater’s ownership since 2018 and Apex’s expansion in Egypt’s upstream market.

An affiliate of Tres Energy LLC acquired Adams Resources & Energy, Inc. in a take-private transaction that closed on February 4, 2025. Under the agreement, Adams stockholders received $38.00 per share in cash, and the company’s shares ceased trading on the NYSE American following completion of the deal.

ArcLight Capital Partners completed the acquisition of a 25% equity interest in Gulf Coast Express Pipeline LLC (GCX) for $865 million from an affiliate of Phillips 66. Following the transaction, GCX is jointly owned by subsidiaries of Kinder Morgan and ArcLight, and continues to be operated by a Kinder Morgan subsidiary.

ONEOK, Inc. announced it has completed its acquisition of EnLink Midstream, LLC following approval by EnLink unitholders on January 30, 2025. EnLink unitholders (other than ONEOK) received 0.1412 shares of ONEOK common stock for each EnLink common unit, and EnLink units will no longer trade on the NYSE.

CNX Resources Corporation closed its acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC in the Appalachian Basin for approximately $505 million in cash (subject to adjustments) with an effective date of October 1, 2024. Apex Energy II is a portfolio company of funds managed by Carnelian Energy Capital Management, and the deal expands CNX’s Marcellus and Utica footprint in Pennsylvania, including assets in Westmoreland County.

Affiliates of Langford Energy Partners (LEP) closed the acquisition of Midland Basin oil & gas assets from Murchison Oil and Gas, LLC. The acquired properties include approximately 8,000 net acres across Howard, Borden, and Midland Counties in Texas, with current production of roughly 7,200 boe/d. LEP funded the transaction with equity from Langford Energy Partners I, LP and senior bank debt via a new credit facility led by Texas Capital Bank.

Palmdale Oil acquired Combs Oil Company, a Naples, Florida-based distributor of diesel fuel, gasoline, lubricants, and related products. The deal expands Palmdale’s geographic footprint and bulk plant storage infrastructure across Southwest Florida; financial terms were not disclosed.

Delek Logistics Partners announced the closing of its acquisition of Gravity Water Intermediate Holdings for total consideration of $285 million, consisting of $200 million in cash and approximately 2.175 million DKL units. Gravity’s operations include integrated full-cycle water systems in the Permian Basin and produced water gathering and transportation assets in the Bakken, expanding Delek Logistics’ crude and produced water midstream offerings and synergy potential.

Lion Equity Partners, a Denver-based private equity firm, completed the acquisition of Global Compression Services (GCS) from Warren Equipment Company. Headquartered in Midland, Texas, GCS distributes OEM and aftermarket parts and components for reciprocating natural gas engines and compressors, and also manufactures select components and provides services to the natural gas sector.

Innovex International, Inc. completed the acquisition of the remaining equity ownership of Downhole Well Solutions, LLC (DWS). Innovex had previously made a minority investment in DWS in May 2023, and the deal brings DWS’s drilling optimization and friction reduction tool rental technology into Innovex’s oilfield products portfolio.

Pennybacker Capital Management, LLC has completed the acquisition of the Miami LNG small-scale liquefied natural gas production and distribution business from New Fortress Energy Inc. The Florida-based Miami LNG operation produces and distributes LNG optimized for truck and rail logistics, serving customers across Florida and the Caribbean, and Pennybacker appointed Daniel McLaughlin as President and Chief Commercial Officer to lead the business.

SMC Global acquired International Chemicals LLC (ICC), merging SMC’s Oilfield business into ICC’s operations. ICC will operate as a subsidiary of SMC Global, expanding the combined portfolio of products and services for the oil & gas and produced water treatment markets. ICC will continue operating from its facilities in San Angelo, Texas.

Covia Energy LLC and Black Mountain Sand Holdings LLC completed an all-stock merger to create Iron Oak Energy Solutions LLC, a diversified North American proppant (frac sand) supplier with approximately 30 million tons of annual production capacity. The newly formed company is sponsored by Anchorage Capital Advisors, Golden Gate Capital, and NGP, and is headquartered in Houston, Texas.

ONEOK, Inc. completed its acquisition of Medallion Midstream from Global Infrastructure Partners for approximately $2.6 billion in cash. Medallion Midstream operates a large crude oil gathering and transportation system in the Permian Basin’s Midland Basin, including more than 1,200 miles of pipelines and crude storage assets.

Valveworks USA acquired Lancaster Flow Automation effective October 31, 2024. Houston-based Lancaster Flow Automation manufactures high-end choke products and flow control automation for oil and gas, adding patented choke technology to Valveworks' wellhead, valve, and actuation product portfolio.

Westbridge Capital’s portfolio company, Federal Steel Supply (FSS), acquired Venture Pipe and Supply, Inc., an oilfield pipe, valve, and fittings supplier operating six locations across Oklahoma, New Mexico, and Ohio. The deal is positioned as a strategic add-on to expand FSS’s customer base and geographic footprint, with Venture to be led by Jeret Higgs as founder Ernie Brooks prepares to retire.

Imperative Chemical Partners, Inc. acquired Performance Chemical Company (PCC), a specialty chemical solutions provider serving midstream and production operators in the oil and gas industry. Headquartered in Midland, Texas, PCC provides customized chemical formulations and field application services across the Permian Basin. Transaction terms were not disclosed, and PCC leaders Jerry and Burl Fuller plan to retire following the deal.

Axis Energy Services LLC and Brigade Energy Services LLC announced the closing of an agreement to merge, creating what they describe as the largest well servicing company in the United States. The combined organization will operate under the name Axis Energy Services LLC and remain headquartered in Dallas, scaling its completion, workover, and plug-and-abandonment (P&A) capabilities.

Summit Midstream Corporation and its wholly owned subsidiary Summit Midstream Partners, LP acquired Tall Oak Midstream Operating, LLC and its subsidiaries (Tall Oak Midstream III) from an affiliate of Tailwater Capital for approximately $450 million of total consideration. The consideration includes $155 million in cash, 7.5 million Summit Midstream Partners common units paired with 7.5 million shares of SMC Class B common stock, and up to $25 million of contingent cash consideration payable through March 31, 2026. The acquisition (a natural gas gathering and processing system in Oklahoma’s Arkoma Basin) was announced October 1, 2024 and completed on December 2, 2024 following shareholder approval.

Tailwater Capital LLC, through its upstream platform Tailwater E&P LLC, acquired an off-market non-operated working interest asset package in the Permian Basin from Accelerate Resources Operating LLC. The package includes more than 5,000 net leasehold acres in the Midland and Delaware Basins and is producing over 5,000 net barrels of oil equivalent per day.

Air Products completed the sale of its liquefied natural gas (LNG) process technology and equipment business to Honeywell for $1.81 billion in cash. The transaction includes the transfer of related assets, intellectual property, manufacturing capabilities, and approximately 475 employees, including the Port Manatee, Florida heat exchanger manufacturing facility.

Empire Petroleum Partners LLC acquired the fuel distribution rights/business of The Besche Oil Co., a fuel distributor serving Maryland and Delaware. The deal expands Empire’s market presence in Maryland and strengthens its branded fuel partnerships (including Sunoco and CITGO).

Zavanna, LLC received an equity investment from investment funds managed by Carnelian Energy Capital Management, L.P. The capital will be used to recapitalize Zavanna and fund development of its core Williston Basin asset base, while existing management and founder Bill Coleman retain a significant ownership stake alongside Carnelian.

Guttman Energy, Inc. and Source One Transportation, LLC (both subsidiaries of Guttman Holdings, Inc.) acquired the assets of Weaver Energy, Inc., a Lititz, Pennsylvania-based provider of bioheat energy, heating oil, fueling, transportation, and HVAC services. The transaction expands Guttman’s market coverage and capabilities in home heating oil, bulk fuel delivery, and transportation across central and eastern Pennsylvania. Weaver Energy employees will transition to Guttman Holdings’ employee ownership structure via its ESOP.

SCF Partners, Inc. acquired the Newpark Fluids Systems business (NFS) from Newpark Resources Inc. NFS is a global provider of drilling and completion fluids products and related technical services for oil, natural gas, and geothermal projects, supported by a digital modeling software suite and global supply chain/infrastructure.

Delek Logistics Partners, LP closed its previously announced acquisition of H2O Midstream, a portfolio company of EIV Capital, LLC. The transaction values H2O Midstream at $230 million, funded through a mix of cash, convertible preferred redeemable equity, and debt financing, and expands Delek Logistics’ water gathering, transportation, recycling, storage, and disposal services in the Midland Basin of Texas.

Dril-Quip, Inc. completed its previously announced merger with Innovex Downhole Solutions, Inc., combining the two oilfield equipment and services providers. The combined company will operate under the name Innovex International, Inc. and is scheduled to begin trading on the NYSE under ticker "INVX" on September 9, 2024, with Dril-Quip shares ceasing to trade under "DRQ" as of September 6, 2024.

Voyager Midstream Holdings, a portfolio company of Pearl Energy Investments, acquired natural gas gathering and processing assets from Phillips 66 in East Texas and North Louisiana. The acquired footprint includes roughly 550 miles of pipelines, cryogenic gas processing capacity, liquids fractionation capacity, and the Carthage Hub gas trading and delivery hub, strengthening Voyager’s position in the Haynesville Shale.

Weatherford International plc acquired Datagration Solutions Inc., a specialist in unified data integration, analytics, and machine learning. The deal strengthens Weatherford’s digital offering for production and asset optimization by combining Weatherford’s platforms with Datagration’s unified data models to improve surveillance, optimization, and decision-making across the well lifecycle. Weatherford also highlighted benefits for enterprise digital enablement and improved emissions data integration for sustainability reporting.

Quality Logging, Inc., a portfolio company of The Anderson Group, LLC, purchased the assets of PerformWell Geo Steering LLC. PerformWell, based in Houston, Texas, provides remote geosteering services across the United States and Canada, expanding Quality Logging’s service offerings alongside its core mud logging business.

Waring Oil Company LLC acquired Lavigne Oil Company of Baton Rouge LLC, effective Aug. 26, 2024. The deal expands Waring’s wholesale fuel and lubricant distribution footprint into Louisiana and adds to its capabilities serving customers in the Baton Rouge area.

Enterprise Products Partners L.P., through an affiliate, acquired Piñon Midstream, LLC in a debt-free transaction for $950 million in cash. Piñon provides sour natural gas gathering and treating services in the Delaware Basin across New Mexico and Texas, expanding Enterprise’s midstream footprint in the region. Selling stakeholders included Black Bay Energy Capital (as Piñon’s private equity sponsor) and minority owner Matador Resources, which received approximately $113 million for its ~19% interest in Piñon’s parent.

Quantum Capital Group acquired Caerus Oil and Gas’ oil and gas operations for approximately $1.8 billion (including assumed liabilities) through two portfolio companies. Newly formed Quantum portfolio company QB Energy purchased Caerus’ Piceance Basin assets in Colorado, while existing Quantum portfolio company KODA Resources acquired Caerus’ Uinta Basin assets in Utah.

Palmdale Oil acquired Maassen Oil Company, Inc., a Florida-based distributor of refined fuels, lubricants, and propane; financial terms were not disclosed. Founded in 1931 and headquartered in Arcadia, Florida, Maassen serves commercial and residential customers, and the deal expands Palmdale’s bulk plant footprint and distribution capabilities across Florida.

SNF signed agreements to acquire PfP Industries and Ace Fluid Solutions, with closings expected imminently. The acquisitions expand SNF’s friction reducer and fluid management technology offerings for upstream oil and gas customers, strengthening its ability to provide comprehensive frac fluid chemistry and related water treatment solutions across basins.

Funds managed by affiliates of Apollo completed the acquisition of U.S. Silica Holdings, Inc., a diversified minerals and last-mile logistics provider to the oil and gas industry. Under the transaction, an Apollo affiliate acquired all outstanding shares for $15.50 per share in cash, and U.S. Silica’s shares ceased trading on the New York Stock Exchange.

Archrock, Inc. entered into a definitive agreement to acquire Total Operations and Production Services, LLC (TOPS) in a $983 million cash-and-stock transaction. TOPS, an Apollo Global Management portfolio company, adds roughly 580,000 horsepower of predominantly young electric motor drive compression assets and expands Archrock’s contract gas compression footprint in the Permian Basin. The deal is expected to close by the end of 2024, subject to customary regulatory approvals and closing conditions.

Woodside Energy Group Ltd, through its subsidiaries, agreed to acquire and later completed the acquisition of Tellurian Inc. in an all-cash transaction valuing Tellurian’s equity at approximately $900 million ($1.00 per share) and implying an enterprise value of about $1.2 billion. The deal includes Tellurian’s US Gulf Coast Driftwood LNG project, which Woodside has renamed Woodside Louisiana LNG, located in Calcasieu Parish, Louisiana.

Elevation Midstream, LLC, a Denver-based midstream gathering and processing company, announced a merger with Platte River Holdings, a subsidiary of ARB Midstream, LLC. The combination expands scale and connectivity in the Denver-Julesburg (DJ) Basin across crude, gas, and water services and is intended to support organic growth and future basin consolidation.

Aethon Energy Management LLC completed the acquisition of Tellurian’s integrated upstream and midstream assets in the Haynesville Shale, expanding Aethon’s position to about 375,000 net acres with over 3 Bcf/d of gathering and treating capacity. Concurrently, Aethon signed a heads of agreement with Tellurian for 2 mtpa of LNG from Tellurian’s Driftwood LNG project as the parties work toward a longer-term sale and purchase agreement.

California Resources Corporation (CRC) completed an all-stock combination with Aera Energy, LLC, creating a scaled energy producer and carbon management solutions provider focused on California. As consideration, Aera’s former equity owners received 21.3 million CRC shares valued at approximately $1.134 billion based on the June 28, 2024 closing price.

Investment funds managed by Morgan Stanley Energy Partners completed the sale of Durango Permian LLC to a subsidiary of Kinetik Holdings Inc. The consideration includes cash and equity, plus contingent consideration tied to the successful commissioning of Durango Permian’s Kings Landing gas gathering and processing development. Durango Permian operates gas gathering, processing, and CO2 sequestration assets in the Permian Basin of southeast New Mexico.

Sev.en Global Investments a.s. signed a binding agreement (announced September 25, 2023) to acquire a 51% majority stake in Coronado Global Resources Inc., a metallurgical coal producer, from affiliates of The Energy & Minerals Group (EMG). The transaction was subject to customary closing conditions and regulatory approvals in the United States and Australia, including FIRB approval. EMG later terminated the agreement after conditions were not satisfied by the June 22, 2024 outside date, so the acquisition did not complete.

Matador Resources Company agreed to acquire (and later closed the acquisition of) a subsidiary of Ameredev II Parent, LLC, including oil and natural gas producing properties and undeveloped acreage in the Delaware Basin (Lea County, New Mexico; Loving and Winkler Counties, Texas), plus an approximate 19% equity stake in the parent of Piñon Midstream. The deal was an all-cash strategic bolt-on, announced at $1.905 billion (subject to closing adjustments) and closed for $1.832 billion (subject to post-closing adjustments); Ameredev is a portfolio company of EnCap Investments L.P.

Noble Corporation plc entered into a definitive merger agreement to acquire Diamond Offshore Drilling, Inc. in a stock-plus-cash transaction in which Diamond shareholders receive 0.2316 Noble shares plus $5.65 in cash per Diamond share (implied value $15.52 per share), and Noble expects $100 million of annual pre-tax cost synergies. The acquisition closed on September 4, 2024, with Noble issuing 24,239,941 Class A ordinary shares to former Diamond shareholders and expanding its offshore drilling fleet and backlog.

ProPetro Holding Corp. acquired Aqua Prop LLC in an all-cash transaction initially valued at $35.6 million (net of working capital), with additional earnout and potential growth capex considerations. The acquisition adds Aqua Prop’s wet sand storage/handling solutions to support ProPetro’s integrated completions services for oil and natural gas operators, particularly in the Permian Basin.