Chevron Acquires Equity Interest in American Natural Gas LLC (Beyond6) from Mercuria

ArcLight Acquires Incremental 12.5% Stake in Natural Gas Pipeline Company of America (NGPL)

June 15, 2023

Energy

An affiliate of ArcLight Capital Partners acquired an incremental 12.5% interest in Natural Gas Pipeline Company of America LLC (NGPL) from Brookfield Infrastructure, increasing ArcLight's ownership to 37.5%. Brookfield Infrastructure retains a 25% interest and Kinder Morgan continues to operate NGPL and hold a 37.5% stake. NGPL is a major interstate natural gas pipeline system that transports gas into the Chicago market and to LNG export facilities, supporting energy reliability and export growth.

Freedom CNG Acquires X3 CNG and Lancer Energy

May 25, 2025

Renewable Energy

Houston-based Freedom CNG has acquired Colorado operator X3 CNG and Utah-based Lancer Energy to expand its compressed renewable natural gas (C/RNG) and multi-fuel fueling footprint across the Western United States. The deals add X3 CNG's public-access CNG network (including major sites in Colorado Springs and Greeley) and Lancer Energy's expertise in building and maintaining CNG, RNG, EV and hydrogen fueling infrastructure.

ArcLight Acquires 25% Interest in Natural Gas Pipeline Company of America (NGPL)

May 13, 2025

Energy

ArcLight Capital Partners’ managed fund acquired a 25% interest in Natural Gas Pipeline Company of America (NGPL), resulting in ArcLight holding a 62.5% economic ownership stake while Kinder Morgan retains a 37.5% interest and continues to operate NGPL. NGPL is one of the largest U.S. interstate natural gas pipeline systems (≈9,100 miles, ~1 million horsepower of compression, 288 billion cubic feet of storage); terms were not disclosed. ArcLight cited rising power demand from electrification and AI and the asset’s ability to support utilities, LNG exporters and data centers as the strategic rationale.

Chevron Acquires Hess Corporation

October 23, 2023

Energy

Chevron Corporation completed its acquisition of Hess Corporation in an all-stock transaction valued at approximately $53 billion (roughly $60 billion enterprise value). The deal gives Chevron a 30% stake in the Guyana Stabroek Block and adds substantial Bakken, Gulf of Mexico and Southeast Asia production, and was closed after a favorable arbitration outcome and regulatory approvals. Hess shareholders received 1.0250 shares of Chevron per Hess share as part of the transaction.

Kinder Morgan Acquires North American Natural Resources

August 11, 2022

Energy

Kinder Morgan, Inc. has closed the $135 million acquisition of North American Natural Resources, Inc. and its sister companies North American Biofuels, LLC and North American-Central, LLC, acquiring seven landfill gas-to-power facilities in Michigan and Kentucky. Kinder Morgan will evaluate converting up to four sites to renewable natural gas (RNG) with approximately $175 million of capital spend, expanding its RNG generation capacity and diversifying its renewables portfolio.

Chevron Acquires Magnum Development and Majority Stake in ACES Delta Hydrogen Project

September 12, 2023

Renewable Energy

Chevron U.S.A. Inc., through its Chevron New Energies division, has closed the acquisition of 100% of Magnum Development, LLC from Haddington Ventures, gaining a majority interest in ACES Delta, LLC — the developer of the Advanced Clean Energy Storage hydrogen production and salt-cavern storage project in Delta, Utah. The project will produce and store renewable hydrogen (first phase ~100 metric tons/day) to serve utility, transportation and industrial customers in the western United States and is expected to enter commercial-scale operations in mid-2025.