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 from 2025 and 2026, 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 |
|---|
| $CTRA | Devon Energy | Coterra Energy | All-stock merger; 0.70 Devon shares per Coterra share; post-close: ~54% Devon / 46% Coterra | May 7, 2026 |
| $AR | Antero Resources | HG Energy II Production Holdings | $2.8B cash; 385,000 net acres in Marcellus Shale, WV | February 3, 2026 |
| $OVV | Ovintiv | NuVista Energy Ltd. | $1,192M (net cash paid) | February 3, 2026 |
| $SM | SM Energy | Civitas | Issued ~124M shares; stock consideration valued at $2.4B | January 30, 2026 |
| $CRC | California Resources | Berry Corporation | $709M (cash and equity) | December 18, 2025 |
| $CRGY | Crescent Energy | Vital Energy, Inc. | 73.3M Class A shares + $3.7M cash; repaid $890M borrowings | December 1, 2025 |
| $EOG | EOG Resources | Encino Acquisition Partners | $5.7B (inclusive of net debt) | August 1, 2025 |
| $CVX | Chevron | Hess Corporation | $48B; assumed $8.8B debt | July 18, 2025 |
| $FANG | Diamondback Energy | Double Eagle assets | $3.1B cash + ~6.84M shares | April 1, 2025 |
| $CRGY | Crescent Energy | Ridgemar (Eagle Ford) LLC | $807.2M cash + 5.5M Class A shares; up to $170M contingent earn-out | January 31, 2025 |
Oil & Gas Midstream 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) |
| $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) | January 12, 2026 |
| $DNOW | DNOW | MRC Global Inc. | All-stock; $1,763M net of cash acquired | November 6, 2025 |
| $AESI | Atlas Energy Solutions | Moser Acquisition, Inc. | $221.4M | February 24, 2025 |
| $DK | Delek Logistics | Gravity water disposal/recycling | $300.8M | January 2, 2025 |
Oil & Gas Equipment & Services Transactions
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.
