APA Corporation Acquires Callon Petroleum Company

ConocoPhillips Acquires Marathon Oil Corporation

May 29, 2024

Energy

ConocoPhillips has acquired Marathon Oil Corporation in an all-stock transaction (0.2550 COP shares per Marathon share) with an enterprise value of $22.5 billion (including $5.4 billion of net debt). The deal, approved by Marathon shareholders and completed in November 2024, expands ConocoPhillips' U.S. Lower 48 portfolio, is immediately accretive, and is expected to deliver significant cost and capital synergies.

Presidio Petroleum Acquires Apache's Western Anadarko Basin Producing Assets

July 23, 2019

Oil & Gas

Presidio Petroleum, a portfolio company majority owned by Morgan Stanley Energy Partners, completed the acquisition of oil and natural gas producing properties in the western Anadarko Basin from Apache Corporation. The transaction is an add-on that expands Presidio's operating footprint across Texas, Oklahoma and Kansas and brings Apache's field operations team into Presidio.

Constellation Energy Acquires Calpine Corporation

January 7, 2026

Energy

Constellation Energy completed its acquisition of Calpine Corporation from Energy Capital Partners, creating the largest electricity producer in the United States with a combined 55 GW of generating capacity and ~2.5 million retail and business customers. The deal brings Calpine's natural gas and geothermal fleet together with Constellation's nuclear platform to expand capabilities, scale in high-demand regions (notably Texas and California), and support emerging clean-energy technologies.

CNX Resources Acquires Apex Energy II Upstream and Midstream Business

January 27, 2025

Energy

CNX Resources Corporation closed the acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for approximately $505 million (effective Oct. 1, 2024). The bolt-on expands CNX's Marcellus and Utica leasehold in the Appalachian Basin (~36,000 net acres, including significant undeveloped Utica and Marcellus acreage) and adds existing midstream infrastructure expected to be immediately accretive to free cash flow.

ExxonMobil Acquires Denbury Inc.

November 2, 2023

Energy

Exxon Mobil Corporation completed its all‑stock acquisition of Denbury Inc. in a transaction valued at $4.9 billion, with Denbury shareholders receiving 0.84 shares of ExxonMobil per Denbury share. The deal adds Denbury's ~1,300 miles of CO2 pipelines, onshore sequestration sites and Gulf Coast/Rockies oil and gas operations (over 200 million boe of proved reserves and roughly 46,000–47,000 boe/d of production), strengthening ExxonMobil's Low Carbon Solutions and CCS capabilities.

ConocoPhillips to Acquire Concho Resources

October 19, 2020

Oil & Gas

ConocoPhillips agreed to acquire Concho Resources in an all-stock transaction valued at $9.7 billion, exchanging each Concho share for 1.46 shares of ConocoPhillips. The combination creates a larger independent oil and gas company with expanded Permian Basin scale, expected cost and capital synergies of $500 million annually and an enhanced low-cost resource base.