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Q2 2026 Energy Services, Infrastructure & Utilities market review

Energy Services, Infrastructure & Utilities is active this window, with 214 buys in the last 3 years vs 127 prior across 129 public acquirers.

Generated May 26, 2026, 10:59 PMSource packet: market reviewSE-Cluster evidence packet

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Market thesis

[1][2]
2 cites
Priority acquirers use M&A to add reserves, infrastructure control, field capability, regulated rate base, or service-line depth with direct operating leverage.

[1] 10-K· 2026-01-23

FY 2020 strategy language. In North America, spending and activity momentum is expected to continue in the first half of 2021 towards maintenance levels, albeit moderated by capital discipline and industry consolidation.

[2] 10-K· 2026-01-23

FY 2017 strategy language. The acquisition is expected to create technology-driven growth by integrating Schlumberger reservoir and well technologies with Cameron wellhead and surface equipment

Buyer hierarchy

[1][2][3]
3 cites
SLB, NRG, COP, PPL, OKE lead the current buyer hierarchy with 887 recorded buys among ranked acquirers.

[1] 10-K· 2026-01-23

FY 2020 strategy language. In North America, spending and activity momentum is expected to continue in the first half of 2021 towards maintenance levels, albeit moderated by capital discipline and industry consolidation.

[2] 10-K· 2026-01-23

FY 2017 strategy language. The acquisition is expected to create technology-driven growth by integrating Schlumberger reservoir and well technologies with Cameron wellhead and surface equipment

[3] 10-K· 2026-01-23

FY 2016 strategy language. The acquisition is expected to create technology-driven growth by integrating Schlumberger reservoir and well technologies with Cameron wellhead and surface equipment, flow control and processing technology.

Filing signals

[4][5][6][7]
4 cites
Clearway Energy, Inc.: 46 recorded buyer-side acquisition reference(s); filings read as very active buyer activity. Brookfield Infrastructure Partners L.p.: 38 recorded buyer-side acquisition reference(s); filings read as very active buyer activity. NOV Inc.: 81 recorded buyer-side acquisition reference(s); filings read as very active buyer activity. ONEOK, Inc.: Spin, divestiture, or carve-out filings point to a very active separation window. Chesapeake Utilities Corp.: 22 recorded buyer-side acquisition reference(s); filings read as active buyer activity.

[4] 10-K

FY 2021 strategy language. The acquisition of companies and assets are subject to substantial risks, including the failure to identify material problems during due diligence (for which the Company may not be indemnified post-closing) and the risk of overpaying for assets (or not making acquisitions on an accretive basis).

[5] 10-K

FY 2021 strategy language. The integration and consolidation of acquisitions requires substantial human, financial and other resources and, ultimately, the Company's acquisitions may divert management’s attention from the Company's existing business concerns, disrupt the Company's ongoing business or not be successfully integrated.

[6] 10-K

FY 2017 strategy language. Finally, the acquisition of companies and assets are subject to substantial risks, including the failure to identify material problems during due diligence (for which the Company may not be indemnified post-closing), the risk of over-paying for assets (or not making acquisitions on an accretive basis) and the ability to retain customers.

[7] 10-K

FY 2024 strategy language. We face competition for acquisitions primarily from investment funds, operating companies acting as strategic buyers, construction companies, commercial and investment banks, and commercial finance companies.