WTI
$63.21
▲1.7%
│
NG
$3.31
▲2.3%
│
RIGS
546
▲2
│
S&P
6,918
▼0.8%
│
XOP
$139.78
▲3.0%
Feb 3 close · Gas = Henry Hub Mar · Rigs = Baker Hughes (Jan 30)
$58B
Devon + Coterra all-stock merger
Today's Menu
Devon + Coterra combine in $58B all-stock merger
GE Vernova completes $5.3B Prolec GE acquisition
Siemens Energy commits $1B to US manufacturing
Equinor sells Vaca Muerta stakes to Vista for ~$1.1B
Avalanche Energy raises $29M after fusion milestone
Voltus & Octopus Energy US partner on demand response
TerraForm acquires 1.56GW Illinois solar project
Enlight hits milestones for 1.2GW AZ solar + 4GWh storage
RWE + Amazon sign 110MW German offshore wind PPA
Ovintiv closes $2.7B NuVista acquisition
AIP orders 2GW from Caterpillar for AI campus
Lead Story
Creates a ~1.6 million Boe/d producer with dominant Delaware Basin scale
The two Permian-weighted independents are merging to create a premier shale operator — 863k Boe/d across 750k net acres in the Delaware Basin with more than a decade of sub-$40 breakeven inventory. Devon shareholders get 54% of the combined company; Coterra gets 46%.
• Terms: 0.70 Devon shares per Coterra share
• Synergies: $1B annual pre-tax by year-end 2027
• Capital returns: $0.315 quarterly dividend + >$5B repurchase authorization planned
• Leadership: Clay Gaspar (Devon) as CEO; Tom Jorden (Coterra) as Non-Executive Chairman
• Timing: expected close Q2 2026
The Headlines
Transformers
• $5.275B (50/50 cash + debt) for remaining 50% stake in 30-year transformer JV with Xignux.
• ~10,000 employees; seven manufacturing sites in the Americas (five in US).
• Transformers and components for generation, transmission, and distribution.
Grid
• $1B investment; +1,500 jobs.
• Brownfield expansions for transformers and gas turbines; new switchgear plant in Mississippi.
M&A
• 30% non-op stake in Bandurria Sur (producing; 24.4k net boe/d in 3Q25) + 50% non-op stake in Bajo del Toro (early development; 2.1k net boe/d).
• $550M cash at closing + $325M in Vista shares + $225M contingent over five years.
• Equinor retains offshore Argentina acreage.
Fusion
• Led by RA Capital Management; new investors include 8090 Industries, Overlay Capital.
• Existing investors Congruent, Founders Fund, Lowercarbon, Toyota Ventures all participated.
• Funds go to FusionWERX facility buildout in Richland, WA; superconducting magnets; team expansion.
• Operated fusion machine at 300kV — a record 5,000 kV/m for magneto-electrostatic fusion.
Demand Response
• Partnership to deploy Voltus's demand response platform across Octopus's US customer base.
Sunya Stories
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Disclaimer: Not financial advice. This newsletter is for education + entertainment — not a recommendation or a solicitation to buy or sell anything. Do your own research and make your own calls (and talk to a pro when it matters).
