• Magnolia agreed July 20 to buy WildFire Energy for ~$4.06B including debt, adding ~810,000 net acres to push its Giddings position above 1.25M net acres. WildFire’s ~53 Mboe/d (~70% oil) lifts output roughly 50% over its standalone 106.1 Mboe/d; close is due late Q3 2026.

• WildFire’s owners take 32.2M Magnolia shares and Magnolia assumes $600M of 2029 notes; it priced 46.3M new shares at $23.75 for ~$1.10B, closing July 22. Management sees $100M-plus of annual synergies (~$700M NPV) and a sand mine covering ~80% of its needs.

Magnolia (deal) · Magnolia (equity pricing)

• AIP, MGX and BlackRock’s Global Infrastructure Partners closed their buy of 100% of Aligned Data Centers on July 21 at a ~$40B enterprise value — one of digital infrastructure’s largest private deals. Aligned runs or is building 51 campuses and 6.4 GW-plus across the Americas.

• The buyers added $5B of growth capital at closing for construction, utility deposits and land. AIP is targeting $30B of equity and up to ~$100B including debt; Aligned is its first investment, with management staying on — execution, not sponsor equity, is now the gate.

• ADNOC took FID on the $6.2B Umm Shaif Gas Cap on July 21, with production by 2030. It’s expected to produce 600-plus MMscf/d of gas plus liquids — ~10% of the UAE’s daily gas use — for industry, LNG and AI-linked power.

• Three EPC packages cover ~$5.1B, with a separate $365M contract for 14 wells over 18 months. ADNOC Offshore operates and holds 60%, with TotalEnergies (20%), CNPC (10%) and Eni (10%); the field could eventually support up to ~1.5 Bcf/d.

• EQT signed a 10-year deal to supply 325,000 Dth/d to CPV’s planned ~2 GW Shay Energy Center in West Virginia, priced to PJM power rather than in-basin gas. CPV expects construction in 2027 — EQT selling molecules against power economics, not basis.

• With Q2 results, EQT raised 2026 volume guidance ~90 Bcfe to 2,375–2,450 Bcfe, cut capital $25M and accelerated $85M to finish MVP Southgate by year-end. It also added a five-year, 0.5 mtpa LNG offtake from 2028 and closed the $77M Blackline propane deal.

• Hut 8 signed a second 15-year triple-net lease for 352 MW of IT at Beacon Point, fully committing the site’s 704 MW to one unnamed, investment-grade tenant against a 1,000 MW AEP Texas tie. Energization is set for Q1 2027.

• The two leases carry $19.6B of base-term value and ~$1.31B of average annual NOI, rising to as much as $50.2B with renewals. Hut 8’s AI book now totals 949 MW of contracted IT and $26.6B of base-term value — leased before a megawatt flows.

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