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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Lower Spend Concentration + Accelerating posture

Energy Services, Infrastructure & Utilities

Lower Spend Concentration + Accelerating · $295.5B disclosed spend · led by Geographic Expansion plays · activity accelerating across 129 public buyers.

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

Geographic Expansion dominantSpend HHI 373Accelerating +77

Disclosed acquisition spend is below the atlas median HHI (576), while recent activity is accelerating.

Public buyers

129

79 core (10+)

Recorded buys

887

214 last 3 yrs

Disclosed spend

$295.5B

$86.6B recent

Matched issuers

372

4 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 28%
Platform 22%
Horiz 20%
Bolt 18%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

4% mix

Small additive deals folded directly into the existing business.

“Strategic and disciplined mergers and acquisitions that align with our portfolio strategy;”

Weatherford International plc (WFRD) · FY2025

Bolt On

18% mix

Mid-sized acquisitions extending the existing product or service core.

“The crude oil and natural gas industry is intensely competitive, and HighPeak Energy competes with other companies that have greater resources.”

HighPeak Energy, Inc. (HPK) · FY2025

Platform

22% mix

Foundational deals establishing a new platform or business line.

“On April 1, 2011, PPL, through its indirect, wholly owned subsidiary, PPL WEM, completed its acquisition of all the outstanding ordinary share capital of Central Networks East plc and Central Networks Limited, the sole owner of Central Networks West plc, together with certain other related assets and liabilities (collectively referred to as Central Networks and subsequently renamed WPD Midlands), from subsidiaries of E.ON AG.”

PPL Corporation (PPL) · FY2011

Geographic Expansion

28% mix

Buying density or new geographies to extend the footprint.

“The transaction was accounted for as a business combination under FASB Topic ASC 805 using the acquisition method.”

ConocoPhillips (COP) · FY2025

Horizontal Consolidation

20% mix

Acquiring direct competitors to consolidate the market.

“three strategic acquisitions to enhance and expand our existing portfolio”

NOV Inc. (NOV) · FY2024

Vertical Integration

2% mix

Adding upstream or downstream capability inside the value chain.

Technology Acquisition

4% mix

Buying products, IP, or engineering depth for capability gain.

“The acquisition strengthens SLB's leadership in the production and recovery space.”

SLB Limited (SLB) · FY2025

Talent Acquisition

1% mix

Acquisitions led by team or human-capital rationale.

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$1M$10M$100M$1B$10B$1M$10M$100M$1B$10Bmedian annual $144Mmedian total $573MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)PPLPPL Corporation (PPL) Platform $24.8B total · $4.1B / active year 6 active years · 5 buys reportedDDominion Energy, Inc. (D) Geographic Expansion $23.3B total · $3.3B / active year 7 active years · 25 buys reportedSLBSLB Limited (SLB) Technology Acquisition $19.3B total · $967M / active year 20 active years · 8 buys reportedNRGNRG Energy, Inc (NRG) Geographic Expansion $18.4B total · $968M / active year 19 active years · 26 buys reportedOKEONEOK, Inc. (OKE) Geographic Expansion $14.8B total · $1.9B / active year 8 active years · 10 buys reportedNEENextera Energy, Inc. (NEE) Geographic Expansion $14.6B total · $3.7B / active year 4 active years · 7 buys reportedCOPConocoPhillips (COP) Geographic Expansion $12.2B total · $1.7B / active year 7 active years · 7 buys reportedNOVNOV Inc. (NOV) Horizontal Consolidation $12B total · $631M / active year 19 active years · 72 buys reportedSOThe Southern Company (SO) Geographic Expansion $10.3B total · $736M / active year 14 active years · 24 buys reportedENAKFE.on SE (ENAKF) Horizontal Consolidation $9.5B total · $9.5B / active year 1 active yearsPNMXOPublic Service Co. of NEW Mexico (PNMXO) Geographic Expansion $7.6B total · $690M / active year 11 active years · 1 buys reportedBIPBrookfield Infrastructure Partners L.p. (BIP) Platform $7.1B total · $715M / active year 10 active years · 38 buys reportedWECWEC Energy Group, Inc. (WEC) Horizontal Consolidation $5.8B total · $824M / active year 7 active years · 10 buys reportedVSTVistra Corp. (VST) Geographic Expansion $5.6B total · $1.4B / active year 4 active years · 4 buys reportedPTENPatterson UTI Energy Inc. (PTEN) Horizontal Consolidation $5.4B total · $492M / active year 11 active years · 7 buys reportedRCONRecon Technology, Ltd (RCON) Geographic Expansion $5.1B total · $1.3B / active year 4 active years · 2 buys reportedCWENClearway Energy, Inc. (CWEN) Geographic Expansion $5B total · $388M / active year 13 active years · 46 buys reportedBEPBrookfield Renewable Partners L.p. (BEP) Platform $4.5B total · $750M / active year 6 active years · 41 buys reportedVALValaris Ltd (VAL) Mixed strategy $4.5B total · $1.5B / active year 3 active years · 2 buys reportedTLNTalen Energy Corporation (TLN) Platform $4.4B total · $2.2B / active year 2 active years · 4 buys reportedUGIUGI Corporation (UGI) Geographic Expansion $4B total · $308M / active year 13 active years · 17 buys reportedHPHelmerich & Payne, Inc. (HP) Technology Acquisition $4B total · $794M / active year 5 active years · 5 buys reportedVIASPVia Renewables, Inc. (VIASP) Bolt On $3.4B total · $421M / active year 8 active years · 4 buys reportedEAIEntergy Arkansas, LLC (EAI) Geographic Expansion $3.3B total · $414M / active year 8 active years · 9 buys reportedBKHBlack Hills Corporation (BKH) Mixed strategy $3.1B total · $446M / active year 7 active years · 14 buys reportedMMLPMartin Midstream Partners L.p. (MMLP) Geographic Expansion $2.7B total · $228M / active year 12 active years · 19 buys reportedSDRLSeadrill Limited (SDRL) Horizontal Consolidation $2.6B total · $857M / active year 3 active years · 3 buys reportedTNRSFTenaris SA (TNRSF) Geographic Expansion $2.6B total · $366M / active year 7 active years · 5 buys reportedSUNCSunococorp LLC (SUNC) Platform $2.5B total · $2.5B / active year 1 active yearsHALHalliburton Company (HAL) Technology Acquisition $2.4B total · $346M / active year 7 active years · 9 buys reportedBEPCBrookfield Renewable Corporation (BEPC) Platform $2.2B total · $742M / active year 3 active years · 5 buys reportedRIGTransocean Ltd. (RIG) Technology Acquisition $2.1B total · $1.1B / active year 2 active years · 3 buys reportedNENoble Corporation plc (NE) Platform $2.1B total · $700M / active year 3 active years · 3 buys reportedGLPGlobal Partners LP (GLP) Geographic Expansion $1.9B total · $188M / active year 10 active years · 17 buys reportedDNOWDnow Inc. (DNOW) Geographic Expansion $1.8B total · $199M / active year 9 active years · 19 buys reportedCEGConstellation Energy Corporation (CEG) Talent Acquisition $1.7B total · $579M / active year 3 active years · 1 buys reportedBKRBaker Hughes Company (BKR) Platform $1.6B total · $412M / active year 4 active years · 4 buys reportedHLXHelix Energy Solutions Group, Inc. (HLX) Geographic Expansion $1.5B total · $760M / active year 2 active years · 2 buys reportedOISOIL States International, Inc. (OIS) Geographic Expansion $1.4B total · $117M / active year 12 active years · 17 buys reportedAXIAAXIA Energia S.A. (AXIA) Horizontal Consolidation $1.3B total · $220M / active year 6 active years · 8 buys reportedWHDCactus, Inc. (WHD) Mixed strategy $1.3B total · $435M / active year 3 active years · 1 buys reportedNESRNational Energy Services Reunited Corp. (NESR) Platform $1.3B total · $325M / active year 4 active years · 3 buys reportedACDCProFrac Holding Corp. (ACDC) Horizontal Consolidation $1.3B total · $430M / active year 3 active years · 11 buys reportedCPKChesapeake Utilities Corp. (CPK) Geographic Expansion $1.2B total · $96M / active year 13 active years · 22 buys reportedFROFrontline plc (FRO) Horizontal Consolidation $1.2B total · $303M / active year 4 active years · 5 buys reportedESEversource Energy (ES) Mixed strategy $1.2B total · $395M / active year 3 active years · 7 buys reportedOGEOGE Energy Corp. (OGE) Platform $1.1B total · $377M / active year 3 active years · 4 buys reportedORAOrmat Technologies, Inc. (ORA) Geographic Expansion $1.1B total · $100M / active year 11 active years · 15 buys reportedSAFXXCF Global, Inc. (SAFX) Platform $1.1B total · $1.1B / active year 1 active yearsXPROExpro Group Holdings N.V. (XPRO) Horizontal Consolidation $1.1B total · $179M / active year 6 active years · 8 buys reportedAESTHE AES Corporation (AES) Geographic Expansion $970M total · $69M / active year 14 active years · 19 buys reportedSTNGScorpio Tankers Inc. (STNG) Geographic Expansion $963M total · $321M / active year 3 active years · 6 buys reportedLBLandBridge Company LLC (LB) Geographic Expansion $952M total · $476M / active year 2 active years · 5 buys reportedDUKDuke Energy Corporation (DUK) Geographic Expansion $863M total · $216M / active year 4 active yearsOKLOOklo Inc. (OKLO) Platform $851M total · $425M / active year 2 active years · 2 buys reportedDHTDHT Holdings, Inc. (DHT) Platform $848M total · $170M / active year 5 active years · 9 buys reportedFETForum Energy Technologies, Inc. (FET) Horizontal Consolidation $802M total · $80M / active year 10 active years · 14 buys reportedPCYOPure Cycle Corporation (PCYO) Mixed strategy $735M total · $735M / active year 1 active yearsIMPPImperial Petroleum Inc./Marshall Islands (IMPP) Mixed strategy $728M total · $728M / active year 1 active years · 6 buys reportedEDNEdenor (EDN) Bolt On $702M total · $351M / active year 2 active years · 3 buys reportedBOOMDMC Global Inc. (BOOM) Geographic Expansion $653M total · $93M / active year 7 active years · 6 buys reportedSEAL-PASeapeak LLC (SEAL-PA) Platform $637M total · $106M / active year 6 active years · 3 buys reportedOIIOceaneering International Inc. (OII) Geographic Expansion $637M total · $127M / active year 5 active years · 8 buys reportedDTBDTE Energy Co (DTB) Geographic Expansion $612M total · $68M / active year 9 active years · 17 buys reportedKENKenon Holdings Ltd. (KEN) Platform $573M total · $95M / active year 6 active years · 5 buys reportedNBRNabors Industries Ltd. (NBR) Technology Acquisition $508M total · $42M / active year 12 active years · 8 buys reportedTPLTexas Pacific Land Corporation (TPL) Mixed strategy $499M total · $250M / active year 2 active years · 7 buys reportedUTLUnitil Corporation (UTL) Bolt On $448M total · $149M / active year 3 active years · 6 buys reportedINSWInternational Seaways, Inc. (INSW) Mixed strategy $434M total · $434M / active year 1 active years · 4 buys reportedTNKTeekay Tankers Ltd. (TNK) Platform $417M total · $104M / active year 4 active years · 3 buys reportedINVXInnovex International, Inc. (INVX) Bolt On $412M total · $82M / active year 5 active years · 6 buys reportedNVGSNavigator Holdings Ltd. (NVGS) Mixed strategy $410M total · $410M / active year 1 active years · 2 buys reportedFTKFlotek Industries Inc. (FTK) Geographic Expansion $362M total · $40M / active year 9 active years · 9 buys reportedHPKHighPeak Energy, Inc. (HPK) Bolt On $358M total · $60M / active year 6 active years · 3 buys reportedNINENine Energy Service, Inc. (NINE) Bolt On $356M total · $178M / active year 2 active years · 1 buys reportedFLNGFLEX LNG Ltd. (FLNG) Platform $349M total · $349M / active year 1 active years · 7 buys reportedAVAAvista Corp. (AVA) Geographic Expansion $293M total · $59M / active year 5 active years · 7 buys reportedPCGPg&e Corp. (PCG) Mixed strategy $275M total · $275M / active year 1 active yearsELPCEnergy Co. of Parana (ELPC) Bolt On $269M total · $90M / active year 3 active years · 3 buys reportedRESRpc, Inc. (RES) Geographic Expansion $249M total · $83M / active year 3 active years · 4 buys reportedNPKINPK International Inc. (NPKI) Geographic Expansion $232M total · $23M / active year 10 active years · 11 buys reportedPUMPProPetro Holding Corp. (PUMP) Bolt On $228M total · $46M / active year 5 active years · 5 buys reportedWELPMWisconsin Electric Power Company (WELPM) Horizontal Consolidation $226M total · $226M / active year 1 active years · 2 buys reportedKLXEKLX Energy Services Holdings, Inc. (KLXE) Bolt On $207M total · $41M / active year 5 active years · 4 buys reportedLPGDorian LPG Ltd. (LPG) Mixed strategy $205M total · $103M / active year 2 active years · 1 buys reportedBIPCBrookfield Infrastructure Corporation (BIPC) Tuck In $185M total · $93M / active year 2 active years · 2 buys reportedPNWPinnacle West Capital Corporation (PNW) Technology Acquisition $182M total · $182M / active year 1 active years · 1 buys reportedSEISolaris Energy Infrastructure, Inc. (SEI) Bolt On $166M total · $41M / active year 4 active years · 4 buys reportedTKTeekay Corporation Ltd. (TK) Geographic Expansion $161M total · $27M / active year 6 active years · 3 buys reportedCMSCMS Energy Corporation (CMS) Platform $155M total · $77M / active year 2 active years · 2 buys reportedVIVKVivakor, Inc. (VIVK) Geographic Expansion $152M total · $51M / active year 3 active years · 7 buys reportedKRFGKing Resources, Inc. (KRFG) Mixed strategy $144M total · $144M / active year 1 active years · 1 buys reportedFTITechnipFMC plc (FTI) Horizontal Consolidation $120M total · $60M / active year 2 active years · 3 buys reportedFLNCFluence Energy, Inc. (FLNC) Platform $112M total · $28M / active year 4 active years · 2 buys reportedKEPKorea Electric Power Corporation (KEP) Mixed strategy $107M total · $21M / active year 5 active yearsLBRTLiberty Energy Inc. (LBRT) Bolt On $103M total · $34M / active year 3 active years · 5 buys reportedWFRDWeatherford International plc (WFRD) Tuck In $99M total · $17M / active year 6 active years · 1 buys reportedRNGRRanger Energy Services, Inc. (RNGR) Mixed strategy $92M total · $23M / active year 4 active years · 6 buys reportedNCSMNCS Multistage Holdings, Inc. (NCSM) Bolt On $89M total · $30M / active year 3 active years · 3 buys reportedLEENLeopard Energy, Inc. (LEEN) Technology Acquisition $89M total · $30M / active year 3 active years · 4 buys reportedCNPCenterPoint Energy, Inc. (CNP) Mixed strategy $89M total · $89M / active year 1 active years · 3 buys reportedGLNGGolar LNG Limited (GLNG) Mixed strategy $86M total · $29M / active year 3 active years · 2 buys reportedFLOCFlowco Holdings Inc. (FLOC) Bolt On $79M total · $39M / active year 2 active years · 5 buys reportedSNDSmart Sand, Inc. (SND) Geographic Expansion $75M total · $15M / active year 5 active years · 4 buys reportedENLTEnlight Renewable Energy Ltd. (ENLT) Geographic Expansion $66M total · $22M / active year 3 active years · 1 buys reportedDTIDrilling Tools International Corporation (DTI) Geographic Expansion $53M total · $26M / active year 2 active years · 4 buys reportedCTRICenturi Holdings, Inc. (CTRI) Geographic Expansion $46M total · $46M / active year 1 active years · 1 buys reportedELLOEllomay Capital Ltd. (ELLO) Mixed strategy $46M total · $9M / active year 5 active yearsCIGEnergy Co. of Minas Gerais (CIG) Platform $42M total · $42M / active year 1 active years · 2 buys reportedNWENorthwestern Energy Group, Inc. (NWE) Mixed strategy $36M total · $36M / active year 1 active years · 1 buys reportedOTTROtter Tail Corporation (OTTR) Geographic Expansion $31M total · $31M / active year 1 active years · 2 buys reportedGNEGenie Energy Ltd. (GNE) Bolt On $28M total · $3M / active year 9 active years · 18 buys reportedBESSBimergen Energy Corporation (BESS) Technology Acquisition $25M total · $6M / active year 4 active years · 4 buys reportedPAMPampa Energy Inc. (PAM) Geographic Expansion $20M total · $7M / active year 3 active years · 1 buys reportedPDSPrecision Drilling Corporation (PDS) Geographic Expansion $16M total · $8M / active year 2 active years · 1 buys reportedNOANorth American Construction Group Ltd. (NOA) Mixed strategy $12M total · $6M / active year 2 active years · 2 buys reportedDWSNDawson Geophysical Company (DWSN) Mixed strategy $10M total · $10M / active year 1 active yearsGEOSGeospace Technologies Corp. (GEOS) Geographic Expansion $9M total · $2M / active year 5 active years · 5 buys reportedNGSNatural GAS Services Group, Inc. (NGS) Bolt On $8M total · $8M / active year 1 active yearsCDZICadiz Inc. (CDZI) Mixed strategy $5M total · $5M / active year 1 active yearsCLNVClean Vision Corporation (CLNV) Technology Acquisition $4M total · $2M / active year 2 active years · 2 buys reportedDLNGDynagas LNG Partners LP (DLNG) Mixed strategy $4M total · $4M / active year 1 active yearsVTOLBristow Group Inc. (VTOL) Geographic Expansion $3M total · $3M / active year 1 active years · 3 buys reportedARTNAArtesian Resources Corporation (ARTNA) Mixed strategy $3M total · $1M / active year 2 active years · 2 buys reportedMSEXMiddlesex Water Company (MSEX) Mixed strategy $2M total · $1M / active year 2 active years · 3 buys reportedTRMDTORM plc (TRMD) Mixed strategy $2M total · $2M / active year 1 active years · 1 buys reportedCLBCore Laboratories Inc. (CLB) Technology Acquisition $1M total · $1M / active year 1 active years · 1 buys reportedRNWRenew Energy Global PLC (RNW) Horizontal Consolidation $1M total · $367K / active year 3 active yearsTENTsakos Energy Navigation Limited (TEN) Geographic Expansion $500K total · $500K / active year 1 active years
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
PPL CorporationPPLPlatform
$24.8B
$4.1B5

Cooling

-51%

Dominion Energy, Inc.DGeographic Expansion
$23.3B
$3.3B25

Steady

+0% (count)

SLB LimitedSLBTechnology Acquisition
$19.3B
$967M8

New cycle

$5.8B recent

NRG Energy, IncNRGGeographic Expansion
$18.4B
$968M26

Cooling

-29%

ONEOK, Inc.OKEGeographic Expansion
$14.8B
$1.9B10

New cycle

$10.9B recent

Nextera Energy, Inc.NEEGeographic Expansion
$14.6B
$3.7B7

New cycle

$2.2B recent

ConocoPhillipsCOPGeographic Expansion
$12.2B
$1.7B7

Cooling

-67%

NOV Inc.NOVHorizontal Consolidation
$12B
$631M72

New cycle

$298M recent

The Southern CompanySOGeographic Expansion
$10.3B
$736M24

Accelerating

+218%

E.on SEENAKFHorizontal Consolidation
$9.5B
$9.5BN/A

Steady

no signal

Public Service Co. of NEW MexicoPNMXOGeographic Expansion
$7.6B
$690M1

Steady

-9%

Brookfield Infrastructure Partners L.p.BIPPlatform
$7.1B
$715M38

Steady

+4%

WEC Energy Group, Inc.WECHorizontal Consolidation
$5.8B
$824M10

Accelerating

+41%

Vistra Corp.VSTGeographic Expansion
$5.6B
$1.4B4

New cycle

$4.3B recent

Patterson UTI Energy Inc.PTENHorizontal Consolidation
$5.4B
$492M7

New cycle

$4.1B recent

Recon Technology, LtdRCONGeographic Expansion
$5.1B
$1.3B2

Steady

-8%

Clearway Energy, Inc.CWENGeographic Expansion
$5B
$388M46

Steady

-12%

Brookfield Renewable Partners L.p.BEPPlatform
$4.5B
$750M41

New cycle

$1.5B recent

Valaris LtdVALN/A
$4.5B
$1.5B2

Steady

+0% (count)

Talen Energy CorporationTLNPlatform
$4.4B
$2.2B4

New cycle

$3.8B recent

UGI CorporationUGIGeographic Expansion
$4B
$308M17

Paused

$639M prior

Helmerich & Payne, Inc.HPTechnology Acquisition
$4B
$794M5

New cycle

$3.8B recent

Via Renewables, Inc.VIASPBolt On
$3.4B
$421M4

New cycle

$3.2B recent

Entergy Arkansas, LLCEAIGeographic Expansion
$3.3B
$414M9

Accelerating

+366%

Black Hills CorporationBKHN/A
$3.1B
$446M14

Steady

+0% (count)

Martin Midstream Partners L.p.MMLPGeographic Expansion
$2.7B
$228M19

Steady

+0% (count)

Seadrill LimitedSDRLHorizontal Consolidation
$2.6B
$857M3

New cycle

$2.6B recent

Tenaris SATNRSFGeographic Expansion
$2.6B
$366M5

Winding down

$133M → $2M

Sunococorp LLCSUNCPlatform
$2.5B
$2.5BN/A

New cycle

$2.5B recent

Halliburton CompanyHALTechnology Acquisition
$2.4B
$346M9

New cycle

$185M recent

Brookfield Renewable CorporationBEPCPlatform
$2.2B
$742M5

New cycle

$2.2B recent

Transocean Ltd.RIGTechnology Acquisition
$2.1B
$1.1B3

Steady

+0% (count)

Noble Corporation plcNEPlatform
$2.1B
$700M3

New cycle

$2.1B recent

Global Partners LPGLPGeographic Expansion
$1.9B
$188M17

Steady

-21%

Dnow Inc.DNOWGeographic Expansion
$1.8B
$199M19

Accelerating

+396%

Constellation Energy CorporationCEGTalent Acquisition
$1.7B
$579M1

New cycle

$1.7B recent

Baker Hughes CompanyBKRPlatform
$1.6B
$412M4

Steady

+11%

Helix Energy Solutions Group, Inc.HLXGeographic Expansion
$1.5B
$760M2

Paused

$119M prior

OIL States International, Inc.OISGeographic Expansion
$1.4B
$117M17

Paused

$8M prior

AXIA Energia S.A.AXIAHorizontal Consolidation
$1.3B
$220M8

New cycle

$317M recent

Cactus, Inc.WHDN/A
$1.3B
$435M1

New cycle

$1.3B recent

National Energy Services Reunited Corp.NESRPlatform
$1.3B
$325M3

Accelerating

+48%

ProFrac Holding Corp.ACDCHorizontal Consolidation
$1.3B
$430M11

Steady

+1%

Chesapeake Utilities Corp.CPKGeographic Expansion
$1.2B
$96M22

New cycle

$928M recent

Frontline plcFROHorizontal Consolidation
$1.2B
$303M5

Paused

$534M prior

Eversource EnergyESN/A
$1.2B
$395M7

Paused

$1.2B prior

OGE Energy Corp.OGEPlatform
$1.1B
$377M4

Steady

+0% (count)

Ormat Technologies, Inc.ORAGeographic Expansion
$1.1B
$100M15

Accelerating

+196%

XCF Global, Inc.SAFXPlatform
$1.1B
$1.1BN/A

New cycle

$1.1B recent

Expro Group Holdings N.V.XPROHorizontal Consolidation
$1.1B
$179M8

Winding down

$742M → $61M

THE AES CorporationAESGeographic Expansion
$970M
$69M19

Accelerating

+106%

Scorpio Tankers Inc.STNGGeographic Expansion
$963M
$321M6

Steady

+0% (count)

LandBridge Company LLCLBGeographic Expansion
$952M
$476M5

New cycle

$952M recent

Duke Energy CorporationDUKGeographic Expansion
$863M
$216MN/A

Steady

no signal

Oklo Inc.OKLOPlatform
$851M
$425M2

New cycle

$851M recent

DHT Holdings, Inc.DHTPlatform
$848M
$170M9

Paused

$144M prior

Forum Energy Technologies, Inc.FETHorizontal Consolidation
$802M
$80M14

New cycle

$150M recent

Pure Cycle CorporationPCYON/A
$735M
$735MN/A

Steady

no signal

Imperial Petroleum Inc./Marshall IslandsIMPPN/A
$728M
$728M6

New cycle

$728M recent

EdenorEDNBolt On
$702M
$351M3

Steady

+0% (count)

DMC Global Inc.BOOMGeographic Expansion
$653M
$93M6

Paused

$555M prior

Seapeak LLCSEAL-PAPlatform
$637M
$106M3

Winding down

$241M → $3M

Oceaneering International Inc.OIIGeographic Expansion
$637M
$127M8

New cycle

$33M recent

DTE Energy CoDTBGeographic Expansion
$612M
$68M17

Winding down

$126M → $200K

Kenon Holdings Ltd.KENPlatform
$573M
$95M5

New cycle

$515M recent

Nabors Industries Ltd.NBRTechnology Acquisition
$508M
$42M8

New cycle

$600K recent

Texas Pacific Land CorporationTPLN/A
$499M
$250M7

New cycle

$499M recent

Unitil CorporationUTLBolt On
$448M
$149M6

New cycle

$231M recent

International Seaways, Inc.INSWN/A
$434M
$434M4

Steady

+0% (count)

Teekay Tankers Ltd.TNKPlatform
$417M
$104M3

New cycle

$184M recent

Innovex International, Inc.INVXBolt On
$412M
$82M6

New cycle

$245M recent

Navigator Holdings Ltd.NVGSN/A
$410M
$410M2

Paused

$410M prior

Flotek Industries Inc.FTKGeographic Expansion
$362M
$40M9

Accelerating

+309%

HighPeak Energy, Inc.HPKBolt On
$358M
$60M3

Cooling

-89%

Nine Energy Service, Inc.NINEBolt On
$356M
$178M1

Paused

$1M prior

FLEX LNG Ltd.FLNGPlatform
$349M
$349M7

Paused

$349M prior

Avista Corp.AVAGeographic Expansion
$293M
$59M7

Steady

+0% (count)

Pg&e Corp.PCGN/A
$275M
$275MN/A

Steady

no signal

Energy Co. of ParanaELPCBolt On
$269M
$90M3

Steady

+0% (count)

Rpc, Inc.RESGeographic Expansion
$249M
$83M4

New cycle

$232M recent

NPK International Inc.NPKIGeographic Expansion
$232M
$23M11

Accelerating

+216%

ProPetro Holding Corp.PUMPBolt On
$228M
$46M5

Accelerating

+105%

Wisconsin Electric Power CompanyWELPMHorizontal Consolidation
$226M
$226M2

Steady

+0% (count)

KLX Energy Services Holdings, Inc.KLXEBolt On
$207M
$41M4

Accelerating

+778%

Dorian LPG Ltd.LPGN/A
$205M
$103M1

Steady

+0% (count)

Brookfield Infrastructure CorporationBIPCTuck In
$185M
$93M2

Steady

+13%

Pinnacle West Capital CorporationPNWTechnology Acquisition
$182M
$182M1

Steady

+0% (count)

Solaris Energy Infrastructure, Inc.SEIBolt On
$166M
$41M4

New cycle

$151M recent

Teekay Corporation Ltd.TKGeographic Expansion
$161M
$27M3

Steady

+0% (count)

CMS Energy CorporationCMSPlatform
$155M
$77M2

New cycle

$800K recent

Vivakor, Inc.VIVKGeographic Expansion
$152M
$51M7

New cycle

$149M recent

King Resources, Inc.KRFGN/A
$144M
$144M1

New cycle

$144M recent

TechnipFMC plcFTIHorizontal Consolidation
$120M
$60M3

Paused

$15M prior

Fluence Energy, Inc.FLNCPlatform
$112M
$28M2

Accelerating

+48%

Korea Electric Power CorporationKEPN/A
$107M
$21MN/A

Paused

$100K prior

Liberty Energy Inc.LBRTBolt On
$103M
$34M5

Accelerating

+664%

Weatherford International plcWFRDTuck In
$99M
$17M1

New cycle

$51M recent

Ranger Energy Services, Inc.RNGRN/A
$92M
$23M6

Paused

$41M prior

NCS Multistage Holdings, Inc.NCSMBolt On
$89M
$30M3

Accelerating

+427%

Leopard Energy, Inc.LEENTechnology Acquisition
$89M
$30M4

New cycle

$79M recent

CenterPoint Energy, Inc.CNPN/A
$89M
$89M3

Steady

+0% (count)

Golar LNG LimitedGLNGN/A
$86M
$29M2

New cycle

$60M recent

Flowco Holdings Inc.FLOCBolt On
$79M
$39M5

New cycle

$79M recent

Smart Sand, Inc.SNDGeographic Expansion
$75M
$15M4

Steady

-24%

Enlight Renewable Energy Ltd.ENLTGeographic Expansion
$66M
$22M1

Cooling

-84%

Drilling Tools International CorporationDTIGeographic Expansion
$53M
$26M4

New cycle

$53M recent

Centuri Holdings, Inc.CTRIGeographic Expansion
$46M
$46M1

New cycle

$46M recent

Ellomay Capital Ltd.ELLON/A
$46M
$9MN/A

Steady

no signal

Energy Co. of Minas GeraisCIGPlatform
$42M
$42M2

Steady

+0% (count)

Northwestern Energy Group, Inc.NWEN/A
$36M
$36M1

New cycle

$36M recent

Otter Tail CorporationOTTRGeographic Expansion
$31M
$31M2

Steady

+100% (count)

Genie Energy Ltd.GNEBolt On
$28M
$3M18

Accelerating

+424%

Bimergen Energy CorporationBESSTechnology Acquisition
$25M
$6M4

Accelerating

+2018%

Pampa Energy Inc.PAMGeographic Expansion
$20M
$7M1

New cycle

$800K recent

Precision Drilling CorporationPDSGeographic Expansion
$16M
$8M1

Steady

+0% (count)

North American Construction Group Ltd.NOAN/A
$12M
$6M2

Paused

$11M prior

Dawson Geophysical CompanyDWSNN/A
$10M
$10MN/A

Steady

no signal

Geospace Technologies Corp.GEOSGeographic Expansion
$9M
$2M5

Accelerating

+38%

Natural GAS Services Group, Inc.NGSBolt On
$8M
$8MN/A

Steady

no signal

Cadiz Inc.CDZIN/A
$5M
$5MN/A

Steady

no signal

Clean Vision CorporationCLNVTechnology Acquisition
$4M
$2M2

New cycle

$4M recent

Dynagas LNG Partners LPDLNGN/A
$4M
$4MN/A

New cycle

$4M recent

Bristow Group Inc.VTOLGeographic Expansion
$3M
$3M3

Steady

+0% (count)

Artesian Resources CorporationARTNAN/A
$3M
$1M2

Steady

+0% (count)

Middlesex Water CompanyMSEXN/A
$2M
$1M3

Steady

+0% (count)

TORM plcTRMDN/A
$2M
$2M1

Paused

$2M prior

Core Laboratories Inc.CLBTechnology Acquisition
$1M
$1M1

New cycle

$1M recent

Renew Energy Global PLCRNWHorizontal Consolidation
$1M
$367KN/A

Steady

+20%

Tsakos Energy Navigation LimitedTENGeographic Expansion
$500K
$500KN/A

Steady

no signal

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“The transaction was accounted for as a business combination under FASB Topic ASC 805 using the acquisition method.”

ConocoPhillipsCOPFY2025

“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).”

Clearway Energy, Inc.CWENFY2021

“A majority of Southern Power's partnerships in renewable facilities allow for the sharing of cash distributions and tax benefits at differing percentages, with Southern Power being the controlling partner and thus consolidating the assets and operations of”

The Southern CompanySOFY2023

“PNMR Development and AEP OnSite Partners created NMRD on September 22, 2017 to pursue the acquisition, development, and ownership of renewable energy generation projects primarily in the State of New Mexico.”

Public Service Co. of NEW MexicoPNMXOFY2017

“NEE's segments for financial reporting purposes are FPL, Gulf Power and NEER”

Nextera Energy, Inc.NEEFY2019

“authorization to retain the acquisition adjustment recorded at the time of the FPU merger in our revenue requirement”

Chesapeake Utilities Corp.CPKFY2023

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Power, Utilities & Regulated Assets

458

Regulated electric, gas, power generation, utility service territories, and grid infrastructure.

Buyers

56

Core

35

Spend

$172.7B

2006–2025 · last year 34

Oilfield Equipment & Services

317

Oilfield services, drilling, pressure pumping, equipment, field logistics, and technical services.

Buyers

47

Core

27

Spend

$79.9B

2006–2025 · last year 27

Midstream & Energy Infrastructure

99

Pipelines, gathering, processing, storage, terminals, LNG, and infrastructure assets.

Buyers

18

Core

12

Spend

$27.7B

2006–2025 · last year 3

Exploration & Production Assets

48

Reserve, acreage, basin, production, royalty, and upstream asset acquisitions.

Buyers

8

Core

5

Spend

$15.2B

2006–2025 · last year 10

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

037732006: 30 buys · $21.4B spend · 18 buyers2007: 18 buys · $4.2B spend · 11 buyers2008: 26 buys · $10.1B spend · 16 buyers2009: 12 buys · $2.5B spend · 10 buyers2010: 23 buys · $15.1B spend · 13 buyers2011: 31 buys · $12.3B spend · 15 buyers2012: 58 buys · $6.6B spend · 20 buyers2013: 46 buys · $8.3B spend · 22 buyers2014: 48 buys · $10.6B spend · 17 buyers2015: 63 buys · $15.7B spend · 22 buyers2016: 45 buys · $13.2B spend · 22 buyers2017: 48 buys · $9.1B spend · 28 buyers2018: 60 buys · $19.6B spend · 34 buyers2019: 38 buys · $19.9B spend · 23 buyers2020: 34 buys · $7B spend · 20 buyers2021: 47 buys · $22.5B spend · 29 buyers2022: 46 buys · $10.7B spend · 23 buyers2023: 72 buys · $24.1B spend · 33 buyers2024: 69 buys · $27.6B spend · 34 buyers2025: 73 buys · $34.8B spend · 43 buyers2006: 30 buys · $21.4B spend · 18 buyers2007: 18 buys · $4.2B spend · 11 buyers2008: 26 buys · $10.1B spend · 16 buyers2009: 12 buys · $2.5B spend · 10 buyers2010: 23 buys · $15.1B spend · 13 buyers2011: 31 buys · $12.3B spend · 15 buyers2012: 58 buys · $6.6B spend · 20 buyers2013: 46 buys · $8.3B spend · 22 buyers2014: 48 buys · $10.6B spend · 17 buyers2015: 63 buys · $15.7B spend · 22 buyers2016: 45 buys · $13.2B spend · 22 buyers2017: 48 buys · $9.1B spend · 28 buyers2018: 60 buys · $19.6B spend · 34 buyers2019: 38 buys · $19.9B spend · 23 buyers2020: 34 buys · $7B spend · 20 buyers2021: 47 buys · $22.5B spend · 29 buyers2022: 46 buys · $10.7B spend · 23 buyers2023: 72 buys · $24.1B spend · 33 buyers2024: 69 buys · $27.6B spend · 34 buyers2025: 73 buys · $34.8B spend · 43 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)