The energy sector has seen a surge in mergers and acquisitions (M&A) activity in 2026, with major players consolidating assets and expanding their portfolios across oil & gas exploration, production, midstream, and equipment & services. Below, we break down the most significant transactions, highlighting the acquirer, target, deal value, and completion dates. This overview provides a comprehensive look at the evolving landscape of the energy industry.
Oil & Gas Exploration & Production (E&P) and Integrated Deals
| Ticker | Acquirer Name | Company/Assets Acquired | Price / Deal Details | Transaction Date |
|---|
| $SM | SM Energy | Civitas | Issued ~124M shares; stock consideration valued at $2.4B | Jan 30, 2026 |
| $CTRA | Devon Energy | Coterra Energy | All-stock merger; 0.70 Devon shares per Coterra share; post-close: ~54% Devon / 46% Coterra | May 7, 2026 |
| $CRGY | Crescent Energy | Vital Energy, Inc. | 73.3M Class A shares + $3.7M cash; repaid $890M borrowings | Dec 2025 |
| $CRGY | Crescent Energy | Ridgemar (Eagle Ford) LLC | $807.2M cash + 5.5M Class A shares; up to $170M contingent earn-out | Jan 31, 2025 |
| $FANG | Diamondback Energy | Double Eagle assets | $3.1B cash + ~6.84M shares | Apr 1, 2025 |
| $AR | Antero Resources | HG Energy II Production Holdings | $2.8B cash; 385,000 net acres in Marcellus Shale, WV | Feb 3, 2026 |
| $OVV | Ovintiv | NuVista Energy Ltd. | $1,192M (net cash paid) | Feb 3, 2026 |
| $COP | ConocoPhillips | Marathon Oil | $16.5B; assumed $4.6B debt | Nov 22, 2024 |
| $CRC | California Resources | Berry Corporation | $709M (cash and equity) | Dec 18, 2025 |
| $EXXON | Exxon Mobil | Pioneer Natural Resources | 545M shares ($63B fair value); assumed $5B debt | 2024 |
| $CVX | Chevron | Hess Corporation | $48B; assumed $8.8B debt | Jul 18, 2025 |
| $EOG | EOG Resources | Encino Acquisition Partners | $5.7B (inclusive of net debt) | Aug 1, 2025 |
Oil & Gas Midstream Transactions
| Ticker | Acquirer Name | Company/Assets Acquired | Price / Deal Details | Transaction Date |
|---|
| $VNOM | Viper Energy | Sitio Royalties Corp. / Sitio OpCo | All-equity; valued at ~$4.0B (includes $1.2B net debt retirement) | Aug 19, 2025 |
| $OKE | ONEOK | EnLink | 41M shares; fair value $4.0B | Jan 31, 2025 |
| $OKE | ONEOK | Delaware Basin JV | $941M ($550M cash + 4.9M shares, $391M fair value) | May 28, 2025 |
| $DTM | DT Midstream | Midwest Pipeline Acquisition | $1.2B (preliminary purchase price) | Dec 31, 2024 |
| $AM | Antero Midstream | HG Energy II Midstream Holdings | $1.1B cash; gathering pipelines and water assets in Marcellus Shale, WV | Feb 3, 2026 |
| $TRGP | Targa Resources | Stakeholder Midstream, LLC | $1.25B cash | Jan 6, 2026 |
| $WES | Western Midstream | Aris | $2.0B (includes $415M cash, 26.6M units, $80M revolver, $500M notes) | Q4 2025 |
Oil & Gas Equipment & Services Transactions
| Ticker | Acquirer Name | Company/Assets Acquired | Price / Deal Details | Transaction Date |
|---|
| $BKR | Baker Hughes | Chart Industries, Inc. | $210/share cash; total enterprise value ~$13.6B | Q2 2026 (expected) |
| $KGS | Kodiak Gas Services | CSI Compressco | 6.8M common + 5.6M preferred shares; total $342.3M | Apr 1, 2024 |
| $DNOW | DNOW | MRC Global Inc. | All-stock; $1,763M net of cash acquired | Nov 6, 2025 |
| $DNOW | DNOW | Edge Controls | ~$46M net of cash acquired | Q1 2026 |
| $USAC | USA Compression Partners | J-W Energy Company / J-W Power | ~$912M ($455M cash + 18.2M units, $457M fair value) | Jan 12, 2026 |
| $AESI | Atlas Energy Solutions | Moser Acquisition, Inc. | $221.4M | Feb 24, 2025 |
| $DK | Delek Logistics | Gravity water disposal/recycling | $300.8M | Jan 2, 2025 |
Power & Diversified Energy Transactions
| Ticker | Acquirer Name | Company/Assets Acquired | Price / Deal Details | Transaction Date |
|---|
| $BKV | BKV Corp | BKV-BPP Power JV interest | $115.1M cash + 5,315,390 shares | Jan 30, 2026 |
Conclusion
2026 has proven to be a landmark year for energy sector M&A, with several multi-billion dollar deals reshaping the competitive landscape. Major oil & gas companies such as $EXXON, $CVX, and $COP have executed transformative acquisitions, while midstream and equipment & services players have also been highly active. These transactions reflect ongoing consolidation, strategic asset repositioning, and a drive for scale and efficiency across the industry. As the year progresses, further deal activity is expected to continue shaping the future of energy.
For more details, refer to the respective SEC filings linked in each transaction row above.
