Oil & Gas Acquisitions in Texas

Peoria Resources, LLC (a subsidiary of JAPEX (U.S.) Corp.) has acquired Verdad Resources' entire operated oil and gas business in the Denver‑Julesburg (DJ) Basin for an enterprise value of approximately $1.26 billion. The transaction transfers roughly 101,000 net acres of horizontal Niobrara and Codell development (Colorado and Wyoming) to Peoria as it establishes a scaled operated position in the DJ Basin.

Lime Rock Partners has closed an equity commitment to Athena Energy Partners, a Houston-based upstream oil and gas company led by former Ensign Natural Resources executives. The capital will support Athena’s acquisition, optimization and development of oil and gas properties with an initial focus on South Texas’ Eagle Ford Shale.

Cactus, Inc. completed the acquisition of a 65% controlling interest in Baker Hughes's Surface Pressure Control (SPC) business, forming a joint venture between the two companies. The transaction expands Cactus's product and service capabilities and geographic footprint in oilfield pressure-control equipment and services; Baker Hughes retains a minority interest and the parties will provide formal financial guidance for the business in Q1 2026.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Innovex International (NYSE: INVX) has completed the acquisition of the remaining equity ownership of Downhole Well Solutions, LLC (DWS), having made a prior minority investment in May 2023. The acquisition brings DWS's proprietary drilling optimization and friction-reduction rental tools into Innovex's product portfolio to expand its downhole technology offerings and support growth in US Land and international markets.

ONEOK, Inc. (NYSE: OKE) has closed its acquisition of Medallion Midstream from Global Infrastructure Partners for approximately $2.6 billion in cash. The deal adds over 1,200 miles of crude gathering pipelines (≈1.3 million barrels per day capacity) and ~1.5 million barrels of crude storage in the Permian Basin, expanding ONEOK's crude gathering, transportation and storage capabilities and creating commercial synergies with its existing pipeline network.

Minerva Bunkering, a subsidiary of Mercuria Energy Group, has acquired Bomin Bunker Oil from Mabanaft, extending Minerva’s physical supply footprint across the Americas. The deal adds supply locations in US Gulf Coast ports, Houston, Norfolk, Panama and Ecuador and establishes Minerva’s first physical supply operation in Houston to strengthen service capabilities in the region.

Imperative Chemical Partners, Inc. acquired Performance Chemical Company, a Midland, Texas-based provider of specialty chemical solutions serving midstream and production operators in the oil & gas industry. The acquisition expands Imperative's midstream service capabilities and geographic reach, while PCC's founders will retire following the transaction; terms were not disclosed.

Innovex Downhole Solutions and Dril-Quip, Inc. have completed their previously announced merger to form Innovex International, Inc., a Houston-area–based energy industrial platform that will begin trading on the NYSE under the ticker INVX. The combined company brings together complementary downhole technologies and manufacturing/service capabilities to support onshore and offshore upstream oil and gas activities.

SNF, the global specialty chemicals group, has signed agreements to acquire PfP Industries and Ace Fluid Solutions to strengthen its oil and gas product and service offering. The transactions expand SNF’s friction reducer and fluid management capabilities—including dry, slurry and emulsion friction reducers—and enhance its presence serving upstream oil & gas customers, particularly in the Permian Basin.

Archrock, Inc. will acquire Total Operations and Production Services, LLC (TOPS) from investment funds managed by affiliates of Apollo Global Management in a cash-and-stock transaction valued at $983 million. The deal adds approximately 580,000 horsepower (predominantly electric motor drive compression), deepens Archrock's Permian Basin footprint and electric compression capabilities, and is expected to be immediately accretive to earnings and cash available for dividend per share.

Kinetik Holdings Inc. has completed the acquisition of Durango Permian LLC from investment funds managed by Morgan Stanley Energy Partners. The transaction transfers Durango Permian's Permian Basin gas gathering, processing and CO2 sequestration assets to Kinetik and includes cash and equity consideration with contingent payments tied to commissioning of the Kings Landing processing project.

Energy Transfer LP agreed to acquire WTG Midstream Holdings LLC in a transaction valued at approximately $3.25 billion, comprising $2.45 billion in cash and ~50.8 million newly issued Energy Transfer common units. The deal, from affiliates of Stonepeak, the Davis Estate and Diamondback Energy, adds WTG's Permian-focused midstream assets — including a 6,000-mile pipeline network, eight processing plants (≈1.3 Bcf/d) and a 20% interest in the BANGL NGL pipeline — to Energy Transfer's footprint to enhance its gas/NGL supply, processing and downstream capabilities.

Tivoli Midstream LLC, backed by funds managed by Intrepid Investment Management, closed the acquisition of the Chocolate Bayou terminal and infrastructure assets in Brazoria County, Texas from affiliates of Ascend Performance Materials. The assets include approximately 3.0 million barrels of storage capacity (100+ tanks), extensive logistics connectivity (rail, truck, barge, pipelines) and are anchored by a long-term partnership with Ascend, positioning Tivoli to establish a Gulf Coast infrastructure hub.

SLB completed an all‑stock acquisition of ChampionX Corporation, with ChampionX shareholders receiving 0.735 SLB shares per ChampionX share and owning roughly 9% of SLB post-close. The deal integrates ChampionX’s production chemicals, artificial lift and digital/emissions technologies into SLB’s portfolio to expand capabilities in production and reservoir recovery and is expected to deliver about $400 million of annual pretax synergies within three years.

Talos Energy Inc. (NYSE: TALO) agreed to acquire QuarterNorth Energy Inc., a privately held deepwater Gulf of Mexico exploration and production company, for $1.29 billion in cash and stock. The acquisition adds ~30 MBoe/d of production and ~69 MMBoe of proved reserves, is expected to be immediately accretive to key metrics, generate ~$50 million of annual synergies, and strengthen Talos's balance sheet.

Sunoco LP agreed to acquire NuStar Energy L.P. in an all‑equity transaction valued at approximately $7.3 billion including assumed debt. Under the deal NuStar common unitholders will receive 0.400 Sunoco common units per NuStar common unit (about a 24% premium); the transaction has board approval and is expected to close in Q2 2024 subject to unitholder and regulatory approvals.

Pelican Energy Partners, an energy-focused private equity firm, has acquired Stewart Tubular Products, LLC from Aterian Investment Partners. Stewart, headquartered in Houston, Texas, is a precision manufacturer and provider of mission-critical threading services for downhole oil & gas components; Aterian had owned Stewart since 2016 and supported investments in equipment and ERP improvements. Pelican plans to continue supporting Stewart's growth as a supplier across the oil & gas value chain.

Warburg Pincus, through its Capital Solutions Founders Fund, made a preferred equity investment in Service Compression to refinance existing borrowings and provide growth capital. The financing — paired with a new J.P. Morgan-led credit facility and additional shareholder capital — will be used to repay prior borrowings and expand Service Compression's fleet, including electric compression units to support customers' ESG initiatives.

Kinder Morgan closed its previously announced $1.815 billion acquisition of NextEra Energy Partners' South Texas assets (STX Midstream), acquiring majority interests in multiple natural gas pipelines including a 90% interest in the NET Mexico pipeline and a 50% interest in Dos Caminos LLC. The assets expand Kinder Morgan's South Texas footprint and provide greater connectivity to LNG, Mexico export and Gulf Coast power and industrial markets.

SilverBow Resources, Inc. closed the acquisition of Chesapeake Energy Corporation's oil and gas assets in South Texas for a $700 million purchase price (comprised of $650 million at closing and $50 million deferred), with up to $50 million of contingent consideration based on future commodity prices. The deal significantly increases SilverBow's acreage and production scale in the Eagle Ford, expanding the company's drilling inventory and transforming it into the largest public pure-play Eagle Ford operator.

Acacia Research Corporation (Nasdaq: ACTG) has acquired a majority interest in Benchmark Energy II, LLC, an Austin, Texas–based independent oil and gas company focused on acquisition, production and development of operated assets in Texas and Oklahoma. McArron Partners, Benchmark’s existing lead investor, retains its investment and plans to commit additional capital while Acacia intends to use its capital base to accelerate Benchmark’s acquisition and field-optimization strategy.

Kingswood Capital Management, LP acquired Covenant Testing Technologies, a Houston-headquartered provider of flowback, production and sand management, and pressure control equipment rentals and associated services. Kingswood partnered with industry veterans James Stewart (to serve as CEO and Chairman) and Doug Scott (board member) to support expansion of Covenant's service offering and customer base across major U.S. shale basins.

Expro completed its acquisition of Houston-based PRT Offshore, a provider of Hook-to-Hanger subsea well access, for approximately $106 million in total consideration (about $62 million cash and $44 million in newly issued Expro shares), with potential additional earnouts. The deal expands Expro's subsea well access capabilities and geographic reach across North and Latin America while supporting PRT Offshore's growth in Europe, Sub-Saharan Africa and Asia Pacific.

Gladstone Investment Corporation partnered with Xyresic Capital to acquire The E3 Company, a Kilgore, Texas-based provider of pressure management solutions for oil and gas well completions, investing $46.0 million in a combination of senior secured debt and equity. Separately, Gladstone expanded its investment in its portfolio company Nocturne Luxury Villas by financing Nocturne’s acquisition of Exclusive 30A Rentals (more than 100 properties) via an $18.7 million senior secured loan.

Energy Transfer LP has entered into a definitive agreement to acquire Crestwood Equity Partners LP in an all-equity transaction valued at approximately $7.1 billion (including assumed debt). The deal extends Energy Transfer’s midstream footprint deeper into the Williston, Delaware and Powder River basins and adds gathering, processing, storage and terminal assets that complement its existing NGL, crude and export capabilities.

Knight Energy Services, a Voyager Interests portfolio company, acquired Platinum Pipe Rentals, a drill pipe and tubing rental operator headquartered in Odessa, Texas. The add-on deal expands Knight's footprint in the Permian Basin and Eagle Ford, creating a combined rental platform with 18 locations and more than 200,000 pieces of rental equipment.

Harvest Midstream has acquired Paradigm Midstream, LLC from funds managed by Ares Management's Infrastructure Opportunities strategy. The deal adds Paradigm’s North Dakota (Bakken) and South Texas (Eagle Ford) gathering, storage and pipeline assets — including four gathering systems, ~350 miles of lines and interests in terminals and crude/gas lines — expanding Harvest’s footprint into the Bakken and deepening its Eagle Ford presence.

I Squared Capital, via its ISQ Global Infrastructure Fund III, has acquired a controlling majority interest in the Whistler Pipeline from a group including First Infrastructure Capital, Ridgemont Equity Partners, affiliates of West Texas Gas, affiliates of Stonepeak Partners and the WhiteWater management team. The Whistler Pipeline is a major natural gas transmission system linking the Permian Basin to Gulf Coast LNG facilities, Mexico and other Gulf Coast demand, with most capacity contracted under long-term, fixed-fee commitments.

Frontier Tubular Solutions, a platform backed by SCF Partners, has acquired Lincoln Manufacturing, a provider of threaded and machined products and services to the Oil Country Tubular Goods (OCTG) and construction industries. Lincoln, headquartered in Magnolia, Texas with additional facilities in Houston, Tomball, Texas and Strasburg, Ohio, will continue to operate under its existing brand while expanding Frontier's product offering and geographic footprint.

Diamondback Energy, Inc. completed the previously announced acquisition of all leasehold interests and related assets of FireBird Energy LLC. The deal expands Diamondback's Permian Basin asset base, adding upstream leasehold and related operations.

Tri-State Vacuum and Rental, LLC, a CIC Partners portfolio company, acquired certain saltwater disposal wells and associated equipment from Pilot Water Solutions SWD LLC, expanding its disposal capacity in the Haynesville Shale. The deal strengthens TriState's position in regional water management and logistics, supporting continued market share growth amid rising Haynesville production.

Adams Resources & Energy repurchased 1,942,433 common shares (approximately 44.2% of outstanding shares) from KSA Industries and affiliated family members, funded with cash on hand and a new term loan. The transaction, which closed October 31, 2022, gives the company an effective control position and was accompanied by placement of a five-year $85 million credit facility led by Cadence Bank.

Kimbell Royalty Partners (NYSE: KRP) agreed to acquire mineral and royalty interests from Austin-based Hatch Royalty LLC (Hatch Resources) in a cash-and-unit transaction valued at approximately $290 million ($150M cash and ~7.3M Kimbell units valued at $140M). The acquired Permian Basin assets (primarily Texas Delaware Basin) are estimated to produce ~2,072 Boe/d as of Oct 1, 2022 (projected ~2,522 Boe/d for 2023); the deal was approved by both parties and expected to close in Q4 2022.

Sitio Royalties Corp. completed the acquisition of over 19,700 net royalty acres in the Permian Basin from Foundation Minerals for approximately $323 million and signed a definitive agreement to acquire over 12,200 NRAs from Momentum Minerals for approximately $224 million (expected to close in Q3 2022). The transactions expand Sitio's Permian footprint, are accretive to cash flow per share, and were funded with debt facilities and hedges to protect near-term cash flows.