Top energy mergers and acquisitions in February 2026
Every verified merger and acquisition in the energy sector in this period, ranked by disclosed value. Updated every morning.
We tracked 7 deals in the energy sector in February 2026, 7 of them with a disclosed value, worth $48.4bn in total. The largest was Devon Energy Corporation's $21.4bn deal for Coterra Energy Inc., ahead of ENGIE SA and UK Power Networks at $14.2bn.
Top energy mergers and acquisitions in February 2026
- 12 FebDevon Energy Corporation → Coterra Energy Inc.Devon and Coterra agree all-stock shale mergerEnergy / Oil and gas exploration and productionCompleted$21.4bn
- 225 FebENGIE SA → UK Power NetworksEngie agrees £10.5bn deal for UK Power NetworksEnergy / Electricity distributionCompleted$14.2bn
- 39 FebTransocean Ltd. → Valaris LimitedTransocean agrees US$5.8bn all-stock deal for ValarisEnergy / Offshore drillingIn review$5.8bn
- 412 FebCPP Investments and I Squared Capital continuation vehicle → Inkia EnergyCPP Investments agrees $3.4bn Peru power deal with I SquaredEnergy / Power generationCompleted$3.4bn
- 517 FebPortland General Electric Company → PacifiCorp (Washington utility operations)Portland General agrees US$1.9bn deal for PacifiCorp's Washington utilityEnergy / Electric utilitiesIn review$1.9bn
- 621 FebEnel S.p.A. (Enel Green Power North America) → Excelsior Energy Capital US wind and solar portfolio (830MW)Enel agrees US$1bn deal for Excelsior's US wind and solar plantsEnergy / Renewable powerIn review$1bn
- 75 FebKodiak Gas Services, Inc. → Distributed Power Solutions, LLCKodiak Gas agrees US$675m deal for Distributed Power SolutionsEnergy / Distributed power generationCompleted$675m