The Midland Basin half is signed. The Vaca Muerta half is a term sheet with a five-year plan.

• Continental agreed on Aug. 20 to buy FireBird Energy II, adding some 54,000 net Midland acres and 32,000 boe/d at 69% oil, roughly 95% operated. Continental puts the resource at some 147,000 net acres across six-plus stacked pays, with 307 gross operated locations. Terms undisclosed; closing is set for September.

• With its other recent buys, Continental says the Permian position is up some 40% in 14 months. Separately, a Heads of Agreement takes 50% of Phoenix Global Resources and forms a 50/50 opco with Mercuria — some 163,000 net Vaca Muerta acres across six blocks and more than 28 kboe/d, targeting 100 kboe/d in five years on $4B-plus of capex.

FireBird · Phoenix

• Amazon raised planned northwest Louisiana investment to $18B from $12B on Aug. 18, adding a Shreveport campus to the Caddo and Bossier developments announced in February. STACK Infrastructure develops and owns all three, and construction could support as many as 2,250 jobs.

• Amazon says it will fund 100% of the new energy infrastructure and grid upgrades SWEPCO needs, plus up to $400M of public water and wastewater work it says ratepayers will not carry. It referenced up to 200 MW of new Louisiana solar. Total load, site capex and in-service dates are undisclosed.

• Mitsubishi Electric agreed on Aug. 20 to acquire all of Power Costs Inc., trading as PCI Energy Solutions, for a $1.4B base equity price subject to closing adjustments. Founded 1992 and headquartered in Norman, Oklahoma, PCI runs about 370 people and 120-plus customers. Closing is planned within 2026, pending approvals.

• The software covers load forecasting, generation scheduling, portfolio optimization, trading, risk and settlement, and Mitsubishi says it manages roughly 60% of U.S. generation. Net sales were $81.4M in 2025 against $59.3M in 2023 — about 17.2x trailing sales, on 21.2% ARR growth, 113% net and 98% gross retention.

• Nebius priced $5.0B of convertible seniors on Aug. 19, up from the $4.5B proposed: $3.0B of 0.50% notes due 2030 and $2.0B of 4.50% notes due 2034. Purchasers hold options on another $450M and $300M, taking maximum issuance to $5.75B. Settlement is Aug. 24.

• Net proceeds run about $4.94B, or $5.68B if the options are taken, funding data centers, AI-cloud capacity, expansion and GPUs. Conversion prices are some $313.46 and $324.65 — 40% and 45% over the Aug. 19 reference. Nebius is also swapping $800M of 2029s and 2031s for roughly 15.8 million Class A shares.

• Beusa closed a $1.6B revolver and $800M of 7.000% senior notes due Aug. 1, 2031, funding Evolution Well Services, Dynamis Power Solutions, AMP and Mertz. Evolution runs 15 electric frac fleets, some 1.4 million electric hydraulic horsepower and close to 1 GW of generation.

• Beusa says it has locked some 4.2 GW of turbine supply through 2033 — roughly 3.7 GW to AMP and 200 MW to Evolution — and reserved access to another 1.4 GW. AMP separately reaches more than 5 GW of Dynamis hypermobile packages. The targets are data centers, midstream, upstream and heavy industrial load.

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