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What are the most notable M&A and IPO deals in the energy industry?

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The energy industry is undergoing a major transformation as it faces the challenges of climate change, regulatory pressures, technological innovation, and changing consumer preferences. These factors have created opportunities and risks for companies in the oil and gas, renewable energy, power, and utilities sectors, and have driven a wave of mergers and acquisitions (M&A) and initial public offerings (IPOs) in recent years. In this article, we will explore some of the most notable M&A and IPO deals in the energy industry and what they reveal about the market trends and dynamics.

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Monica Hwang

Commercially-Focused Project Development Attorney

1 Oil and gas M&A

The oil and gas sector has been severely impacted by the COVID-19 pandemic, with a sharp drop in demand and prices, as well as the rise of renewable energy sources. To combat these challenges, many oil and gas companies have resorted to consolidation, divestment, or restructuring strategies to bolster their efficiency, resilience, and sustainability. Notable oil and gas M&A deals in 2020 and 2021 include Chevron's acquisition of Noble Energy for $13 billion, which expanded its presence in the Permian Basin, the Eastern Mediterranean, and Africa. ConocoPhillips' acquisition of Concho Resources for $13.3 billion created the largest independent oil and gas producer in the US while ExxonMobil's sale of its UK North Sea assets to Neo Energy for $1 billion marked its exit from the mature region. Shell's sale of its stake in the US LNG joint venture with Energy Transfer for $2.5 billion demonstrated its strategy to reduce debt and shift to cleaner energy sources.

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Monica Hwang

Commercially-Focused Project Development Attorney
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In a rare natural gas deal, a private investor group led by family offices has taken ownership of Wyoming-focused PureWest Energy in a blockbuster acquisition. The Rocky Mountain natural gas producer merged with an entity sponsored by the private consortium of investors called PW Consortium in a $1.84 billion cash transaction.

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2 Renewable energy M&A

The renewable energy sector has seen remarkable growth over the past decade, driven by global efforts to combat climate change, the declining costs of solar and wind technologies, the increasing demand for clean and reliable electricity, and supportive policies from governments and regulators. This growth has also sparked a surge of M&A activity as companies look to scale up, diversify, or enter new markets. Some of the most significant renewable energy M&A deals of 2020 and 2021 include Brookfield Renewable Partners' acquisition of TerraForm Power for $5.1 billion, Total's acquisition of a 20% stake in Adani Green Energy for $2.5 billion, BP's acquisition of a 50% stake in Equinor's US offshore wind assets for $1.1 billion, and NextEra Energy's purchase of GridLiance for $660 million. These deals have allowed companies to create one of the largest renewable power platforms in the world with over 18,000 megawatts of capacity across 27 countries, access India's rapidly growing renewable energy market, enter the US offshore wind market, and expand their transmission networks to connect renewable energy projects to the grid.

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3 Energy IPOs

The energy industry has seen a number of IPOs in 2020 and 2021, as companies seek to raise capital, enhance visibility, or unlock value. Renewable energy companies have been attractive to investors due to their growth potential and environmental benefits, while SPACs have become a popular alternative for those seeking public markets faster and with less regulatory scrutiny. Notable energy IPOs include Array Technologies, which raised $1.05 billion in October 2020 and was valued at $4.2 billion due to the demand for solar trackers; QuantumScape, which went public through a SPAC merger in November 2020 with a valuation of $3.3 billion; Shoals Technologies, which raised $1.9 billion in January 2021 and was valued at $5.6 billion; and Vine Energy, which raised $324 million in March 2021 and was valued at $2.2 billion. Array Technologies benefited from the increasing demand for solar trackers, QuantumScape claimed to have a breakthrough technology that could enable longer-range, faster-charging, and safer electric vehicles, Shoals Technologies leveraged its expertise and scale to offer cost-effective solutions for the solar industry, and Vine Energy aimed to position itself as a low-cost, low-carbon producer of natural gas in the US.

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most notable M&A and IPO deals in the energy industry?

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1 Oil and gas M&A

2 Renewable energy M&A

3 Energy IPOs

4 Here’s what else to consider

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