Earthstone Energy Inc. and Northern Oil and Gas Inc. (NOG) are joining forces in the Permian Basin to acquire privately held Novo Oil & Gas Holdings LLC for $1.5 billion. Novo, an exploration and production (E&P) firm backed by EnCap Investments LP, operates in the northern portion of the Permian’s Delaware sub-basin. Earthstone has been…
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With NexTier, Patterson-UTI to Become North American OFS, Fracturing Giant
In an all-stock transaction with an enterprise value of $5.4 billion, Patterson-UTI Corp. said Thursday it is merging operations with NexTier Oilfield Solutions to become the second largest oilfield services (OFS) company in North America. The combined company, which would remain headquartered in Houston, would have 172 super-spec drilling rigs and 45 active fracture spreads.…
NET Power Debuts on NYSE, Aims to Rapidly Deploy Low-Emission Natural Gas Plants
North Carolina-based NET Power Inc., fueled by a powerhouse group of natural gas and oil investors, began trading publicly on Friday, with “ample capital” to build a backlog of utility-scale power plant projects as soon as 2026. Rice Acquisition Corp. II and NET Power LLC completed their merger last Thursday (June 8), which launched the…
Superior Plus Gains Bigger North American Natural Gas Distribution with Certarus
Toronto-based Superior Plus Corp. has completed its merger with fuels distributor Certarus Ltd., handing it natural gas and hydrogen distribution assets across North America. The propane and distillates distributor and marketer has expanded into compressed natural gas (CNG), renewable natural gas (RNG) and hydrogen delivery with Certarus’ network of bulk compression stations and mobile storage…
ExxonMobil Clinches CCS Deal for Nucor’s Steelmaker Site in Louisiana
In its third agreement in seven months, ExxonMobil’s low-carbon business has contracted with Nucor Corp. to capture and store carbon emissions from its Convent, LA, manufacturing site. The Nucor deal is to provide carbon capture and storage (CCS) for up to 800,000 metric tons/year of carbon dioxide (CO2). The three agreements to date give ExxonMobil…
Denver’s PureWest Sells Wyoming Natural Gas Reserves to Private Consortium for $1.8B
PureWest Energy LLC, which develops natural gas reserves in Wyoming’s Green River Basin, has struck a $1.84 billion deal to merge with a group of financial buyers. The all-cash transaction is by PW Consortium, a group that includes A.G. Hill Partners LLC, Cain Capital LLC, Eaglebine Capital Partners LP, Fortress Investment Group LLC, HF Capital…
Mexican Billionaire Carlos Slim Snaps Up Zama Stake as Oil-Rich Project Awaits Sanctioning
Mexican conglomerate Grupo Carso SAB has bought into the Zama shallow water oil and gas field, considered to be one of the country’s richest hydrocarbon assets. Carso subsidiary Zamajal SA de CV will acquire a 49.9% interest in the Mexican subsidiary of Houston-based Talos Energy Inc. The purchase price was $124.75 million. The transaction is…
ConocoPhillips Taking Full Ownership of Canada’s Surmont for $3B
ConocoPhillips will raise its profile in the top rank of Canadian natural gas users, the Alberta oilsands, by way of its purchase of a bitumen underground extraction asset for about $3 billion. The Houston-based firm exercised its contractual right to double ownership to 100% of the 140,000 b/d Surmont oil site near Fort McMurray. The…
Paloma Sells Package of Gulf Coast Oil, Natural Gas Wells to Pompano
Pompano Resource Transformation has acquired some oil and natural assets in the Gulf Coast region, including 33 wells, from Houston-based Paloma Natural Gas LLC. The acquisition is Pompano’s first upstream investment, X Machina Capital Strategies (XCM) President Catherine Flax said. Pompano is an XMC subsidiary. XMC specializes in acquiring oil and gas assets, managing them…
Spire Expanding Reach with Missouri’s MoGas Interstate Natural Gas Purchase
Spire Inc. is expanding its portfolio of natural gas infrastructure with a $175 million deal to buy the 263-mile MoGas Pipeline LLC, an interstate system in Missouri. MoGas, owned by CorEnergy Infrastructure Trust Inc., interconnects with Omega Pipeline Co. LLC’s 75-mile gas system and with Spire’s 65-mile STL Pipeline. “These businesses fit well with our…