Oil & Gas Acquisitions in 2025

ARC Energy Fund 8, advised by ARC Financial Corp., completed a take-private acquisition of STEP Energy Services Ltd. through a plan of arrangement, acquiring outstanding common shares for CAD $5.50 per share. The Purchaser (2659160 Alberta Ltd.), wholly owned by the ARC funds, and ARC Energy Fund 8 now collectively own 100% of STEP; STEP will be delisted from the TSX and intends to cease being a reporting issuer in Canada.

Crescent Energy Company (NYSE: CRGY) completed its previously announced all-stock acquisition of Vital Energy, Inc. (NYSE: VTLE), creating a larger, liquids-weighted independent E&P company. The deal is intended to enhance Crescent's free cash flow profile, operational scale and strategic opportunities while delivering identified synergies and governance updates.

Gladstone Investment Corporation, alongside independent sponsor Xyresic Capital, has acquired Rowan Energy, Inc., a U.S. oil-and-gas services company based in Oklahoma City. Gladstone provided senior secured debt and the majority of the equity to complete the transaction; the investment is intended to support Rowan's growth and value-creation initiatives in frac sand filtration, completion-equipment deployment, and field-operations support.

Tailwater Capital has acquired a majority interest in Central Midstream Partners, LLC, a Houston-based liquids transportation, storage and terminal services provider with assets across the Gulf Coast and Ohio/Utica region. Tailwater will invest additional equity from Tailwater Fund V to support growth projects while Central Midstream CEO George Jordan and the Jordan family remain involved post-transaction.

EQT Infrastructure III and IV have fully exited their investment in Kodiak Gas Services (NYSE: KGS), following Kodiak's 2023 IPO and a 30-month series of sell-downs. Kodiak, headquartered in Houston, Texas, is a leading provider of natural gas contract compression services in North America; under EQT's ownership the business grew revenue and EBITDA more than 8x and expanded headcount to just over 1,300 employees.

Waterous Energy Fund Management Corp., acting for Waterous Energy Fund (WEF), purchased 8,703,479 common shares of Greenfire Resources Ltd. for C$6.55 per share (C$57.0 million), increasing its ownership to approximately 68.3% of Greenfire on an undiluted basis. The private transactions gave WEF majority control of the Calgary-based oil and gas producer; WEF said it will continue to review its investment and may take further actions with respect to Greenfire's securities.

Ranger Energy Services (NYSE: RNGR) has acquired American Well Services (AWS), a Permian Basin-focused well services provider, from Argonaut Private Equity for approximately $90.5 million in a cash, stock and earn‑out deal. The acquisition increases Ranger’s rig count by roughly 25%, expands its service lines and is expected to be immediately accretive with identified synergies of $4 million.

PEDEVCO Corp. completed a merger with portfolio companies controlled by Juniper Capital Advisors, issuing convertible preferred shares to Juniper that, upon conversion, will give Juniper ~53% ownership of the combined company. The transaction included a $35 million private placement, refinancing of the portfolio companies' debt, and increases PEDEVCO's borrowing base to support a combined asset base of ~6,500 BOEPD (80% oil) and ~328,000 net acres across the Northern DJ and Powder River Basins.

Sunoco LP, through its purchaser 2709716 Alberta ULC, completed the acquisition of Parkland Corporation on October 31, 2025. Parkland shareholders received a mix of cash and units in SunocoCorp (with aggregate consideration of approximately C$3.46 billion and 51,517,198 SunocoCorp units), and Parkland shares are being withdrawn from the Toronto Stock Exchange while SunocoCorp units will begin trading on the New York Stock Exchange.

GeoPark Limited completed the acquisition of a 100% operated working interest in the Loma Jarillosa Este and Puesto Silva Oeste blocks in the Vaca Muerta formation from Pluspetrol S.A., with total consideration of $115 million. The Government of Neuquén Province issued decrees formalizing the transfer and GeoPark has transferred a 5% working interest in Puesto Silva Oeste to Gas y Petróleo del Neuquén S.A. (GyP) as a strategic partner; GeoPark will be the operator.

Terramont Infrastructure Partners has acquired a majority interest in Bull Moose Capital Ltd., Canada’s largest provider of natural gas compression and power generation solutions. The seller was TriWest Capital Partners, and Terramont said the investment will support Bull Moose’s geographic expansion and increased focus on larger energy infrastructure projects.

RelaDyne has acquired Domestic Fuels & Lubes, a regional distributor of commercial fuels, lubricants and diesel exhaust fluid (DEF) headquartered in Chesapeake, Virginia. The deal expands RelaDyne’s regional density in the Mid-Atlantic and Southeast U.S., adding three locations across southeastern Virginia and northeastern North Carolina to its national distribution platform.

Core Laboratories (NYSE: CLB) has acquired Solintec, a Rio de Janeiro–based integrated geological services and laboratory company that serves Brazil's upstream oil and gas industry. The acquisition strengthens Core Lab's local presence in Brazil and expands its in-country reservoir laboratory and formation-evaluation capabilities for offshore pre-salt and onshore projects.

Strathcona Resources Ltd. purchased 6,035,600 common shares of MEG Energy Corp. for approximately $172.7 million, increasing its stake to roughly 14.2% of MEG's outstanding shares. The purchase is part of Strathcona's ongoing offer to acquire MEG and Strathcona intends to vote its shares against the proposed acquisition of MEG by Cenovus Energy Inc.

SNF, the global specialty chemical group, has acquired Obsidian Chemical Solutions LLC, a Midland, Texas-based provider of specialty chemical solutions and bulk storage for completion operations in the Permian Basin. The acquisition gives SNF an expanded manufacturing footprint and storage capacity in the Permian to accelerate service delivery and broaden its portfolio of customized formulations for stimulation, acidizing, cementing, drill-out and produced water treatment.

Thermotane Propane, a family-owned Florida propane company founded in 1947, has acquired Matchett Propane of Interlachen, Florida in a privately negotiated owner-to-owner transaction. The deal expands Thermotane's footprint to three locations and broadens its service area across the Gainesville, Ocala and St. Augustine markets as part of its multi-location growth plan.

ACT Capital Advisors represented Bugle Energy Services, a Midland, Texas–based oilfield services provider, in its sale to an unnamed individual buyer. Bugle, which specializes in secondary containment, pit lining, temporary/drive-over containment and concrete restoration coatings, will continue operations under new private ownership.

EOG Resources agreed to acquire Encino Acquisition Partners (EAP) from the Canada Pension Plan Investment Board and Encino Energy for $5.6 billion, a deal expected to close in the second half of 2025. The purchase adds roughly 675,000 net acres and more than 1,000 producing wells in the Utica/Point Pleasant shale, expanding EOG’s footprint to about 1.1 million net acres in the play and creating a third foundational asset alongside its Delaware Basin and Eagle Ford positions.

Innovex International, Inc. completed an all-cash acquisition of Citadel Casing Solutions, LLC, adding Citadel's differentiated downhole and casing technologies to Innovex's energy industrial platform. The transaction values Citadel at approximately 3.8x LTM Adjusted EBITDA, is ~8% accretive to Innovex EPS, and is expected to deliver roughly $2 million of cost synergies within three months while supporting market share expansion in offshore and international markets.

Gladstone Investment Corporation (Nasdaq: GAIN), alongside co-investor Xyresic Capital, has acquired Smart Chemical Solutions, LLC, a Midland, Texas–based provider of production chemicals to onshore oil and gas operators. Gladstone provided equity and senior secured debt to complete the transaction; Palo Duro Capital was the seller according to advisor announcements.

One X, a Kingswood Capital Management portfolio company, has acquired United Energy Partners, a Greeley, Colorado-based provider of pressure control services and equipment rentals that specializes in serviceless (greaseless) valve technology. The add-on expands One X's geographic footprint and fleet of serviceless pressure control valves across major U.S. shale basins (Permian, DJ, Eagle Ford, Bakken and Haynesville) and bolsters its completions services capabilities.

WhiteHawk Income Corporation (together with WhiteHawk Energy, LLC) acquired PHX Minerals Inc. in an all-cash transaction valued at $4.35 per share (approximately $187 million including net debt). The deal expands WhiteHawk's minerals and royalties footprint—adding ~1.8 million gross unit acres and increasing exposure to Haynesville and SCOOP/STACK basins—and was completed via merger on June 23, 2025 following a successful tender offer.

Dead River Co., headquartered in South Portland, Maine, has acquired the oil and propane fuel distribution and service business of Consumers Fuel Co. of Belfast, Maine; the transaction closed on May 6, 2025. Consumers Fuel, a family-owned business founded in 1911 and owned by John Holmes, was advised by Tounge Associates during the sale and will transition operations, customers and employees to Dead River.

Scout Surface Solutions LLC has acquired Kinetic Pressure Control Ltd. from SCF Partners (SCF Ventures). The deal brings Kinetic’s patented pressure and flow control technologies (including the K-BOS shear and seal device) into Scout’s completions and surface solutions platform to expand technical capabilities and global reach.

South Wind Exploration & Production, a newly formed Oklahoma City-based oil and gas E&P, received over $400 million of equity commitments from Kayne Private Energy Income Fund III (managed by Kayne Anderson Capital Advisors) and members of South Wind’s management team. The capital will be used to acquire and operate large, producing onshore U.S. oil and gas assets under a leadership team of industry veterans including Co-CEOs Tyler Bolton and Greg Boxer.

X2 Resources announced an equity capital commitment from EnCap Investments, Westlawn Group, Rice Investment Group and its management team to back a new Houston-based upstream platform. The sponsor-backed vehicle will target $500 million to multibillion-dollar acquisition opportunities across premier oil and gas basins to develop large-scale oil and gas projects.

Generational Group advised Pecos Propane, Inc., a family-owned propane distributor based in Pecos, New Mexico, on its sale to an undisclosed buyer; the transaction closed April 16, 2025. Pecos Propane serves residential and commercial customers across Northern New Mexico and was backed by the Pacheco family prior to the sale.

Phillips 66 completed the acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP (collectively "EPIC NGL") for approximately $2.2 billion in cash. The deal adds an NGL pipeline (~885 miles), two fractionators near Corpus Christi and purity distribution pipelines, expanding Phillips 66's Permian-to-Gulf Coast midstream footprint and connectivity to refiners, petrochemical customers and export markets.

Main Street Capital Corporation committed $49.3 million to facilitate a minority recapitalization of Moffitt Holdings, LLC (dba Moffitt Services), a Cypress, Texas-based bulk fuel and lubricant distributor. The financing package includes first-lien senior secured term debt and a direct equity investment provided in partnership with Moffitt's founders and management to provide liquidity and support the company's growth and operations.

Nwestco, a Guardian Capital Partners portfolio company, has acquired Gettler-Ryan Inc., a turnkey provider of petroleum services based in Dublin and Sacramento, California. The add-on expands Nwestco's capabilities and footprint in Northern California, enabling combined resources to deliver enhanced fuel and car wash equipment maintenance, compliance, and installation services to retail and industrial customers.

Vermilion Energy Inc. has completed the acquisition of Westbrick Energy Ltd., adding approximately 50,000 boe/d of production (75% gas), ~1.1 million (770,000 net) contiguous acres in Alberta's Deep Basin, and four operated gas plants with 102 mmcf/d capacity. Consideration includes cash and an option for Westbrick shareholders to elect Vermilion common shares (1.1 million shares elected, ~C$14.2 million), funded by cash on hand, a new C$450 million term loan and available revolving credit, with Vermilion citing significant operational synergies and a deep inventory of over 700 future drilling locations.

Bluewater has signed an agreement to sell Houston-headquartered Apex International Energy to United Energy (MENA) Limited, a subsidiary of Hong Kong-listed United Energy Group Limited, subject to governmental approvals. Under Bluewater's six-year ownership Apex grew into a top-ten producer in Egypt (averaging >11,000 boe/d in 2024); the transaction represents a PE exit and expands United Energy Group's upstream asset base in Egypt and the wider MENA region.

ArcLight Capital Partners acquired a 25% equity interest in Gulf Coast Express Pipeline LLC (GCX) for $865 million from an affiliate of Phillips 66. Going forward GCX will be jointly owned by subsidiaries of Kinder Morgan and ArcLight and will continue to be operated by a Kinder Morgan subsidiary; the pipeline provides ~2 Bcf/d takeaway capacity from the Permian Basin to U.S. Gulf Coast end markets including LNG export facilities in South Texas.

Akastor ASA has completed the transfer of all of Mitsui & Co., Ltd.'s interests in AKOFS Offshore AS, increasing Akastor's ownership to 75%. Akastor and Mitsui O.S.K. Lines (MOL) have signed agreements under which Akastor will transfer 8.3% of AKOFS Offshore to MOL (on substantially the same commercial terms), resulting in final ownership of two-thirds for Akastor and one-third for MOL while AKOFS Offshore remains a jointly controlled entity.

Affiliates of Langford Energy Partners (LEP) closed the acquisition of Midland Basin assets from Murchison Oil and Gas, LLC on December 6, 2024. The assets include ~8,000 net acres across Howard, Borden and Midland counties, ~7,200 boe/d (72% oil) from 63 operated horizontal wells; the deal was funded with equity from Langford Energy Partners I, LP and senior bank debt led by Texas Capital Bank.

Varel Energy Solutions (VES) has acquired Ace Well Technology (ACE), a Norway-based supplier of oilfield casing, cementing and completion products. The deal expands VES's primary cementing and smart completions capabilities and is positioned as an add-on to VES's growth-capital-backed platform to accelerate manufacturing and global service offerings.

DNO ASA has agreed to acquire 100% of Sval Energi Group AS from HitecVision for USD 450 million in cash (enterprise value USD 1.6 billion). The acquisition significantly increases DNO's North Sea production and reserves, adding a cash-generative portfolio with limited near-term investment needs and a team of 93 employees to be integrated.