Norwegian energy group Equinor (EQNR.OL) said Thursday its subsidiary East Point Energy began operations at the 100-megawatt Citrus Flatts energy storage facility in Texas, US.
Together with the 10-megawatt Sunset Ridge facility in Texas, Citrus Flatts is expected to provide enough electricity to power 30,000 homes for up to two hours within the state's ERCOT power market.
BP (BP.L) said Wednesday it agreed to divest interests in the Tupinambá and Conifer exploration prospects to fellow energy company Shell (SHEL.L, SHELL.AS).Subject to regulatory approvals, the oil and gas company is selling a 50% stake in the Tupinambá exploration block in the Santos Basin to Shell Brasil Petróleo. The block contains an exploration well expected to spud soon.BP is also divesting a 30% stake in five leases encompassing the Conifer exploration prospect in the Paleogene to Shell Offshore. Drilling at the site is expected in 2027.Amid the sale, BP will continue to operate both projects, retaining a half-stake in the Tupinambá block and a 70% stake in leases containing the Conifer prospect.
Diversified Energy Co. (DEC.L) agreed to acquire US-based Birch Permian Holdings from Elliott Investment Management affiliates at a valuation of $1.8 billion.The energy company said in a Wednesday filing that the acquisition will expand its footprint in the Permian oil basin in the US. The target company's current net production stands at 68,000 barrels of oil equivalent per day.Diversified Energy intends to primarily fund the acquisition through the issuance of an asset-backed securitization, or ABS, worth $1.5 billion through its partnership with Carlyle, and existing liquidity from a revolving credit facility.Diversified Energy added that it agreed to expand the scale of its strategic partnership with Carlyle, which originally had a $2 billion framework. The partners are now targeting the acquisition of up to $10 billion of potential proved developed producing assets.The Birch acquisition is expected to close in the fourth quarter of 2026.
Shell (SHEL.L, SHELL.AS) completed the acquisition of British Columbia and Alberta, Canada-focused energy company ARC Resources at an enterprise value of $16.5 billion, including $2.5 billion in net debt and leases.ARC shareholders will be paid a per-share consideration comprising CA$8.20 in cash and 0.40247 ordinary share in Shell, or a total equity value of $13.9 billion, according to a Wednesday release.The European oil and gas company expects the transaction to boost its liquids and gas production compound annual growth rate by 4% through 2030, compared with the 2025 level.