2026年夏季全球能源行业并购策略与市场趋势报告-英文版

Energy

INDUSTRYREPORTSummer|2026

CREATINGM&ASTRATEGIES

FORBUSINESSOWNERS

SINCE1956

TableofContents

MarketObservations 3

TransactionHighlights 11

PublicCompanies 16

CFAOverview 27

cfa

WORLDWIDE

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page2

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page3

WORLDWIDE

MarketObservations

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page4

WORLDWIDE

MarketSummary

EnergyMarket

Theglobalfossilenergymarketcontinuestobenefitfromresilientdemand,whiletherenewableenergymarketisexperiencingrapidexpansiondrivenbyacceleratinginvestmentanddeployment.Easinggeopoliticalrisksshiftedoilmarketsawayfromasupply-shockpremiumtowardmorestableconditionsduringthesecondquarterof2026.Brentcrudesettledat$75.0perbarrelbyJune30,2026,easingfrom$81perbarrelinthefirstquarterasregionaltensionseasedandshippingresumedthroughtheStraitofHormuz.The2026globaloildemandforecastwasloweredby700,000barrelsperday,ayear-over-yeardeclineof1.1millionbarrelsperday,whileglobaloilsupplyfellbyanaverageof3.9millionbarrelsperday.OPEC+increasedproductionforafourthconsecutivemonth,adding188,000barrelsperdayforJulyasitcontinuedunwindingitsvoluntaryproductioncuts.Meanwhile,theEIAforecastsUScrudeproductionwillreacharecord13.7millionbarrelsperdayin2026,withHenryHubnaturalgaspricesexpectedtoremainaround$3.3permillionBritishthermalunitsduringthesecondhalfoftheyear.Refiningmarginsalsoremainedstrong,supportedbysecond-quartercrudeutilizationguidanceof94%fromMarathonPetroleumand92%to95%fromValero.Ontherenewableenergyside,theIEAprojectsglobalcleanenergyinvestmentwillreach$2.2trillionin2026,nearlydoublethefossilfuelinvestment.Solarinvestmentaloneisexpectedtototal$365billion,whilebatterystorageinvestmentisforecasttoexceed$100billionforthefirsttime.Additionally,USutility-scalesolargenerationisexpectedtoincreaseby19%duringtheJune-to-August2026periodcomparedwiththepreviousyear,makingsolarthelargestrenewablesourceofelectricitygenerationinthecountrythissummer.RecordUScrudeproduction,elevatedrefiningmargins,andunprecedentedcleanenergyinvestmentareontracktopositiontheglobalenergysectorforcontinuedgrowththroughtheremainderof2026.

PublicCompanyValuations

TheCFAWSelectFossilIndexdecreasedby10.4%inthesecondquarterof2026,andthe12-monthreturnontheindexincreasedby25.7%.TheOil&GasRefining&MarketingIndexsawthehighest3-monthreturnamongthepeers,at3.9%,whiletheOil&GasDrillingIndexdeliveredthehighest12-monthreturnat102.5%.TheOil&GasMidstreamIndexsawthehighestEBITDAandrevenuemultiplesof14.0xand6.0x.TheExploration&ProductionIndexhasthelowestEBITDAmultipleat5.9x,andtheOil&GasRefining&MarketingIndexhasthelowestrevenuemultipleof0.8x.TheCFAWSelectRenewablesIndexincreasedby4.0%inthesecondquarterof2026,witha30.3%annualincrease.TheRenewableEnergyProducts&ServicesIndexsawa3-monthand12-monthreturnof11.0%and76.0%,respectively.TheRenewableEnergyGenerationIndexhasthehighestmedianEBITDAandrevenuemultipleof21.8xand4.8x,whiletheRenewableEnergyProducts&ServicesIndexhasthelowestmedianEBITDAandrevenuemultipleof11.8xand1.6x,respectively.

TheM&AactivityintheenergysectorincreasedinQ2

2026

MergersandAcquisitions

GlobalenergyM&Avalueincreased385.5%year-over-yearand61.7%quarter-over-quarterinQ22026,whiledealcountroseacomparativelymodest12.7%year-over-year,indicatingthatalimitednumberoflarge-scaletransactionsdroveoverallmarketvalue.NorthAmericanenergyM&Aactivityalsostrengthened,withtransactionvalueincreasing68.4%quarter-over-quarter,accordingtoPitchBook.Risingdatacenterpowerdemandandutilityconsolidationpoweredthequarter'sdealmaking.Strategicbuyersledeverylargetransaction,whileprivateequityretreatedfromlarge-capenergydealsafterbrieflyenteringthatterritoryinthefirstquarter.Thequarter'sanchortransactionwasDominionEnergy's$118.5billionmergerwithNextEraEnergy,consolidatingpower-generationandtransmissioncapacityamidrisingelectricitydemand.Energytoremainamongthemoreactivelarge-capdealmakingsectorsaslongasdatacenterdemandoutpacesgridcapacity.

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page5

WORLDWIDE

FossilFuelsIndustryTrends

AIandData-CenterPowerDemandIgnitesaNaturalGasandLNGInvestmentUpturn

Data-centerpowerdemandreshapedtheeconomicsofnaturalgasandLNGinfrastructureinQ22026.GEVernova'sgasturbineorderbacklogreached100gigawattsinthefirstquarterof2026,upfrom83gigawattsatyear-end2025,accordingtoUtilityDive.Data-centerdevelopersannounced~101GWofon-sitenaturalgasgenerationcapacityin2026tobypassgridinterconnectionbottlenecks,drivingnewgas-turbineorderstocommand10%–20%pricepremiumsoverexistingbackloglevels.Atthesametime,twomajorUSLNGexportprojectsreachedfinalinvestmentdecision(FID):MubadalaEnergy's9.5million-tonne-per-annumCommonwealthLNGprojectinCameron,Louisiana,andDelfinMidstream's$5billionfloatingLNGexportprojectintheGulfofAmerica,bothadvancingtowardtheconstructionphase.Deloitteexpects2026tobeabreakoutyearforgas-relatedM&AasAIanddata-centerexpansionliftsdomesticgasdemand8%to10%.DeloittealsoexpectsLNGexportcapacitytoapproximatelydoubleby2030.Midstream,LNG-linkedinfrastructure,andgas-turbine-adjacentequipmentandservicesnamesarecommandingpremiumvaluationsasstrategicconsolidationcontinuesaroundexportcapacityanddispatchablegasgeneration.

Non-CoreAssetDivestituresCreateNewOpportunitiesAcrossUpstreamandMidstream

Largeoilandgascompaniesextendedadivestituretrendalreadyunderwaysince2025,continuingto

sellnon-coreassetsinQ22026toraisecapitalforhigher-growthinvestments.Nearly70%ofUS

operatorssurveyedplantofurtherrestructuretheirportfoliosanddivestnon-coreassetsduring2026,

buildingonatrendinwhichasset-leveltransactionsalreadyaccountedfor45%oftotal2025dealvalue.

First-quarter2026upstreamM&Areachedatwo-yearhighof$38billion,thoughitwasdrivenprimarily

bycorporatemergers,includingtheDevonEnergy–CoterraEnergymerger,ratherthanindividualasset

sales.Meanwhile,NorthernOilandGas'sexpansionintoCanada'sDuvernayplayandWestern

Midstream'sacquisitionofBrazosDelawareIIdemonstratehowmid-sizedbuyersareacquiringdivestedassetstodiversifyoperationsandbuildscale.Thisongoingdivestituretrendiscreatingastrongpipelineofmiddle-marketacquisitionopportunitiesforbuyersthatcanmovequickly,aslargeroperatorscontinuesellingnon-coreacreageandmidstreamassetstofundgasandLNGexpansionthroughthesecondhalfof2026.

FracklogDepletionSlowsthePaceofUSShaleOutputGrowth

USshaleproducersfacedastructuralshiftinhowquicklytheycangrowoutputinQ22026.AsperReuters,theinventoryofdrilled-but-uncompletedwells,thefracklogthatoperatorsbuiltupoverthepastdecadeasafast,low-costbufferforboostingproduction,felltoarecordlow.Foryears,completinganalready-drilledwellletproducersaddoutputwithinweeks.Withthatbackloglargelyexhausted,meetingrisingdemandnowrequiresnewdrilling,whichtakessubstantiallylongerandcostsmoreperbarreladded.UScrudeexportshaveclimbedasAsianandEuropeanrefinersseektoreplaceMiddleEasternbarrelsaffectedbytheregionalconflict.Thisistighteningthemarketpreciselywhenproducershavetheleastsparecapacitytorespondquickly.TheEnergyInformationAdministrationhascitedthedynamicinprojectingonlymodestUScrudeproductiongrowthdespiteelevatedprices.Theshiftfavorsoperatorsandoilfield-servicesproviderswithactiverigsandcompletioncrewsalreadyundercontractoverthoserelyingonlegacywellinventories.Italsoraisesthecapitalintensityofsustainingoutputgrowthacrosstheexplorationandproductionanddrillingsub-sectors.Integratedmajorsandrefinersfacetheirownmarginexposuretotightercrudedifferentials,sharpeningthecaseforscaleandcontiguousacreagepositionsthatsupportefficientdrillingprograms.

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page6

WORLDWIDE

RenewableEnergyIndustryTrends

AIPowerDemandDrivesRapidGrowthinBatteryStorageDeployment

BatterystoragegrewfasterthaninanypriorcycleinQ22026,asAI-drivenpowerdemandstrainedthegrid.Tesladeployed13.5gigawatt-hoursofenergystoragegloballyinthesecondquarterof2026,up53%from8.8gigawatt-hoursinthefirstquarterandup40%year-over-year.USdevelopersplanarecord24gigawattsofutility-scalebatterystoragein2026,upfrom15gigawattsin2025,afterfirst-quarterinstallationsof9.7gigawatt-hoursalreadysetarecordfortheperiod.Globalenergystorageadditionsareprojectedat353.4gigawatt-hoursin2026,withAIdata-centerdemandasacontributingfactor,andtheIEAputs2026batterystorageinvestmentabove$100billionforthefirsttime.Storageisemergingasthefastest-growingrenewablessub-sectorfordealactivity,withplatformconsolidationandinfrastructure-fundinterestinstoragedevelopersandintegratorsbuildingastheassetclassmaturesfromagrid-balancingnicheintocorepowerinfrastructure.

USOffshoreWindRetrenchmentRedirectsFederalCapitalTowardGasandLNGInfrastructure

FederalpolicyshiftedcapitalawayfromoffshorewindinQ22026.TheDepartmentoftheInteriorcanceledtwo

moreoffshorewindleases,BluepointWindandGoldenStateWind,payingroughly$900millioninrefundswith

proceedstiedtoreinvestmentinoil,gas,LNG,andenergyinfrastructure,whileInvenergyseparatelyrelinquished

fouroffshorewindleasesvaluedat$765millionaspartofabroader$2.6billionfederallease-cancellation

program.Courtshavegrantedpreliminaryinjunctionspreservingfivefullypermitted,under-constructionprojects,

creatingabifurcatedmarketbetweenprotectedlegacyprojectsandcanceledearly-stageleases.Capitaland

developerattentionareshiftingfromoffshorewindtowardonshorewind,solar,andstorage,andtowardthegas

andLNGinfrastructurenowfavoredbyfederalpolicy,leavingoffshorewindsupply-chainandservicesfirmsfacingacuterepositioningriskandcreatingpotentialopportunitiesforbuyersofdistressedorrepurposedoffshorewindassetsandequipment.

SerialAnti-DumpingPetitionsChaseSolarManufacturingtoNewCountries

Domesticsolarpanelmanufacturingwasreshapedbyarecurringtrade-enforcementcycleinQ22026,ratherthanbyasingletariffaction.USproducershavespentmorethanadecadefilingsuccessiveanti-dumpingandcountervailing-dutypetitionseachtimelow-costpanelassemblyrelocatestoanewcountry.Commercehadalreadysetpreliminarycountervailingdutiesofupto143.3%onsolarcellsandpanelsfromIndiainFebruary2026,thepriorquarter,followingsimilaractionsagainstChinese-linkedproducersinSoutheastAsiainearlieryears.ThepatterncontinuedinQ22026.OnMay12,2026,acoalitionincludingFirstSolarandQcellspetitionedCommercetoinvestigateEthiopia,allegingthatChinese-ownedmanufacturersarefinishingChinese-madecomponentstherespecificallytoavoidexistingduties,perReuters.USsolarimportsfromEthiopiawerenegligiblebeforemid-2025andreached$300millionbyyear-end,quicklymakingittheseventh-largestsourceofUSsolarimports.Eachroundofenforcementclosesoneimportroutewhileanewoneopenselsewhere,keepingmodulesupplychainsinfluxandmodulepricingexposedtopolicyrisk.Thedynamicisreinforcingdomesticmanufacturers'capitalinvestments,sincedutiesonthelatestcircumventionrouteprotectthepricingadvantagethoseinvestmentsdependon,whiledevelopersandinstallersfacecontinueduncertaintyoverwhichimportsourceswillremainviablefromoneenforcementcycletothenext.Thepetitionersframethepatternasrecurringratherthanincidental,arguingthatrepeatedcircumventionnowdirectlythreatenstheinflectionpointAmericansolarmanufacturinghasreached.

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page7

WORLDWIDE

SignificantNews

TopUSenergyregulatorpushesgridstooverhauldatacenterpowerrules

Reuters,June18,2026

“Thetop

U.S.energy

regulatororderedthecountry'selectricgridoperatorsonThursdaytoconsidernewprotocolstoquicklyconnectverylargeenergyusers,suchasdatacenters,withoutdrivingupcostsandtheriskofblackouts.”

ReadMore>

USHousePassesBipartisanGeothermalEnergyAdvancementAct

TheSpokesman-Review,June3,2026

“Thebillconsolidatessixpriorbillstocutpermittingtimelinesandaddcategoricalexclusionsforgeothermalprojectsonfederalland.”

ReadMore>

GlobalwindandsolarpoweroutpacegasforfirsttimeinApril,reportshows

Reuters,May20,2026

“WindandsolarcombinedgeneratedmoreelectricitythangasgloballyinAprilforthefirstmonthever,dataanalysedbyUK-basedthinktankEmbershowedonThursday.”

ReadMore>

FrancePlans10NewOffshoreWindProjectsbyEarly2027

Bloomberg,April02,2026

“Franceplanstoholdabigtenderfor10offshorewindprojects,andannouncewinnersbylatethisyearorearly2027,aspartofitsgreenpush.”

ReadMore>

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page8

WORLDWIDE

IndustryBarometers

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page9

WORLDWIDE

M&AMetrics

FossilFuelIndustry

M&AactivityintheFossilFuelindustryincreasedinthesecondquarterof2026.ThenumberofM&Atransactionsincreasedfrom45inQ12026to47inQ22026.Thenumberofsub-$50milliontransactionsdecreasedfrom30inQ12026to27inQ22026.Thenumberoftransactionsabove$100millionincreasedfrom12inQ12026to16inQ22026.ThetotalnumberofM&Atransactionsdecreasedby11.3%yearonyearfrom53inQ22025to47inQ22026.

M&ADealSummaryTable|CountbyDealSizeoverTime

Source:FactSet

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page10

WORLDWIDE

M&AMetrics

RenewableIndustry

M&AactivityintheRenewableindustryhasincreasedinthesecondquarterof2026.ThenumberofM&Atransactionshasincreasedfrom96inQ12026to99inQ22026.Thenumberofsub-$50milliontransactionswasincreasedfrom84inQ12026to88inQ22026.Thenumberoftransactionsabove$100millionincreasedfrom8inQ12026to9inQ22026.ThetotalnumberofM&Atransactionsdecreasedby16.1%yearonyearfrom118inQ22025to99inQ22026.

M&ADealSummaryTable|CountbyDealSizeoverTime

Source:FactSet

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page11

WORLDWIDE

TransactionHighlights

IndustryMetricsFossilFuels

IndustryFinancialDataandRatios

NAICs211120-CrudePetroleumExtraction

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

3.05

3.72

3.47

GrossProfitMargin

82.37%

77.36%

77.17%

NetProfitMargin

32.66%

29.68%

22.27%

AccountsReceivableDays

21.71

65.66

79.11

AccountsPayableDays

153.04

88.48

121.25

Debt-to-EquityRatio

1.59

0.78

1.03

ReturnonEquity

54.74%

31.23%

21.55%

SalesperEmployee

--

--

--

ProfitperEmployee

--

--

--

SalesGrowth

--

-7.62%

-2.18%

ProfitGrowth

--

-12.08%

-1.52%

NAICs213112-SupportActivitiesforOilandGasOperations

2025

FinancialMetric

Last12Mo

2024

CurrentRatio

3.22

3.05

3.31

GrossProfitMargin

69.59%

64.20%

NetProfitMargin

14.47%

11.21%

9.82%

AccountsReceivableDays

70.35

67.36

AccountsPayableDays

166.45

109.97

84

Debt-to-EquityRatio

1.88

1.9

ReturnonEquity

44.98%

23.82%

31.56%

SalesperEmployee

--

--

ProfitperEmployee

--

--

--

SalesGrowth

2.06%

2.64%

ProfitGrowth

22.67%

30.81%

7.99%

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

2.11

1.92

2.29

GrossProfitMargin

14.49%

11.38%

11.20%

NetProfitMargin

2.48%

2.54%

2.12%

AccountsReceivableDays

26.85

23.03

20.3

AccountsPayableDays

24.3

21.43

18.75

Debt-to-EquityRatio

3.52

3.08

2.37

ReturnonEquity

22.43%

20.26%

28.46%

SalesperEmployee

--

--

$699,978

ProfitperEmployee

--

--

$21,683

SalesGrowth

4.55%

-2.11%

1.01%

ProfitGrowth

-0.72%

7.48%

9.58%

62.74%

71.84

1.61

--

14.91%

Source:ProfitCents

NAICs213111-DrillingOilandGasWells

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

5.33

3.56

3.04

GrossProfitMargin

73.84%

78.33%

73.86%

NetProfitMargin

28.38%

23.01%

14.96%

AccountsReceivableDays

93.82

216.19

119.5

AccountsPayableDays

67.23

77.55

126.93

Debt-to-EquityRatio

2.9

1.35

1.24

ReturnonEquity

49.02%

34.35%

29.37%

SalesperEmployee

--

--

--

ProfitperEmployee

--

--

--

SalesGrowth

0.30%

0.30%

-3.49%

ProfitGrowth

22.98%

22.98%

-2.89%

NAICs424720-Petroleum&PetroleumProductsMerchantWholesalers

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page12

WORLDWIDE

IndustryMetrics

IndustryFinancialDataandRatiosNAICs324110-PetroleumRefineries

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

--

1.48

3.24

GrossProfitMargin

--

50.60%

37.03%

NetProfitMargin

--

3.21%

4.21%

AccountsReceivableDays

--

28.94

30.19

AccountsPayableDays

--

14.04

32.72

Debt-to-EquityRatio

--

1.41

1.07

ReturnonEquity

--

60.48%

8.98%

SalesperEmployee

--

--

--

ProfitperEmployee

--

--

--

SalesGrowth

--

--

-15.14%

ProfitGrowth

--

--

149.96%

NAICs221114-SolarElectricPowerGeneration

2025

FinancialMetric

Last12Mo

2024

CurrentRatio

7.91

4.66

3.1

GrossProfitMargin

37.08%

77.54%

NetProfitMargin

15.46%

11.37%

7.72%

AccountsReceivableDays

48.03

54.67

AccountsPayableDays

19.17

58.37

63.5

Debt-to-EquityRatio

0.14

1.59

ReturnonEquity

-3.89%

24.28%

10.70%

SalesperEmployee

--

--

ProfitperEmployee

--

--

--

SalesGrowth

-21.46%

0.67%

ProfitGrowth

-16.01%

-9.55%

12.99%

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

--

3.22

2.77

GrossProfitMargin

--

47.02%

69.36%

NetProfitMargin

--

18.44%

9.87%

AccountsReceivableDays

--

63.75

46.65

AccountsPayableDays

--

11.09

25.35

Debt-to-EquityRatio

--

0.41

0.84

ReturnonEquity

--

53.68%

16.90%

SalesperEmployee

--

--

--

ProfitperEmployee

--

--

--

SalesGrowth

--

--

21.25%

ProfitGrowth

--

--

49.15%

63.99%

58.77

1.23

--

1.46%

Source:ProfitCents

NAICs486110-PipelineTransportationofCrudeOil

FinancialMetric

Last12Mo

2025

2024

CurrentRatio

--

2.01

2.82

GrossProfitMargin

--

38.30%

71.77%

NetProfitMargin

--

13.12%

21.19%

AccountsReceivableDays

--

28.79

49.26

AccountsPayableDays

--

10.93

18.9

Debt-to-EquityRatio

--

0.86

3.22

ReturnonEquity

--

23.45%

25.93%

SalesperEmployee

--

--

--

ProfitperEmployee

--

--

--

SalesGrowth

--

--

9.70%

ProfitGrowth

--

--

-26.47%

NAICs221115-WindElectricPowerGeneration

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page13

WORLDWIDE

NotableTransactions

InJune2026,BangchakHongKongHoldingLtd.,asubsidiaryofBangchakCorp.PublicCo.Ltd.,acquiredChevronHongKongLtd.for$270.0million.TheacquisitionexpandsBangchak'senergybusinessbeyondThailandbyaddingChevron'sfuelmarketing,storage,andpetroleumdistributionoperationsinHongKong.Italsostrengthensthecompany'sregionaldownstreampresence,broadensitsdistributionnetwork,andsupportsitslong-termstrategyofexpandingacrossAsianenergymarkets.

InJune2026,EldoradoDrillingASacquiredVantageDrillingInternationalLtd.for$192.9million.TheacquisitionexpandsEldorado'soffshoredrillingcapabilitiesbyaddingVantage'sfleetofdrillshipsandmanageddrillingservices.Italsodiversifiesthecompany'sserviceportfolio,enhancesitsoperationalscale,andstrengthensitscompetitivepositionintheglobalultra-deepwaterdrillingmarket.

InMay2026,StandardSolar,Inc.,aportfoliocompanyofBrookfieldTechnologyPartners,acquiredEDFRenewablesNorthAmericaLLCs7.9MWcommunitysolarprojectsinNewYork.TheacquisitionexpandsStandardSolar'srenewableenergyportfoliothroughtheadditionoftheWaterChestnutandHanoveriancommunitysolarprojects.Italsostrengthensthecompany'spresenceintheNewYorkdistributedgenerationmarket,supportingitslong-termstrategytogrowitscommunitysolarfootprintandcleanenergygenerationcapacity.

InApril2026,NorthwoodInvestorsLLCacquiredUticaSquarefromHelmerich&Payne,Inc.TheacquisitionexpandsNorthwoodInvestors'realestateportfoliothroughtheadditionofapremieropen-airshoppingcenterintheUnitedStates.Italsostrengthensthefirm'spresenceintheretailrealestatesector,enhancingitsportfolioofhigh-qualitymixed-useandcommercialassetswhilesupportingitslong-terminvestmentstrategy.

cfa

WORLDWIDE

Thelogosshownonthispagearepropertyoftherespectiveowners

CORPORATEFINANCEASSOCIATES

EnergyIndustryNews|Summer2026|Page14

SelectM&ATransactions

Date

TargetName

AcquirerName

EnterpriseValue(MM)

Revenue

-Target(LTM)(MM)

EBITDA

-Target(LTM)(MM)

30-Jun-2026

ChevronHongKongLtd.

BangchakHongKongHoldingLtd.

270.0

-

-

26-Jun-2026

VantageDrillingInternationalLtd.

EldoradoDrillingAS

192.9

153.5

-19.9

15-Jun-2026

ElementAlphaSA

GreenwichMetals,Inc.

-

-

-

12-Jun-2026

HartsheadResourcesNL

AcamGPLtd.

15.9

0.0

-3.0

01-Jun-2026

Leahy-WolfCo.

PlexusCapitalLLC;AceSolutions,LLC

-

5.3

0.6

27-May-2026

EDFRenewablesNorthAmericaLLC/7.9MWSolarProjects/

StandardSolar,Inc.;BrookfieldTechnologyPartners

-

-

-

22-May-2026

John'sFuelService,Inc./Assets/

CampbellOilCo.(Elizabethtown)

-

-

-

20-May-2026

PostOakEnergyCapitalLP/2PortfolioCompanies/

Sev.enGlobalInvestmentsAS

-

-

-

14-May-2026

VentureDrillingEastLLC

MascarenePartnersLLC;VentureDrillingEastLLC/PvtGroup/

-

15.6

3.3

04-May-2026

DimensionEnergyServicesLLC

KossePartnersILLC

-

6.0

0.6

01-May-2026

AtkinsonOilCo.LLC

ColonialOilIndustries,Inc.

-

-

-

30-Apr-2026

RanaSubseaSpA

NextGeosolutionsEuropeSpA

119.5

74.6

19.5

28-Apr-2026

StateOilLtd/5Subsidiaries/

Phillips66Ltd.

-

-

-

24-Apr-2026

IberdrolaMéxicoSAdeCV

CoxABGGroupSA

4,170.0

-

-

15-Apr-2026

AxipEnergyServicesLP

WarburgPincusLLC;ServiceCompressionLLC

161.0

89.7

22.0

15-Apr-2026

SwisspowerRenewablesAG/40Hydro&WindPowerPlants/

KI-KELAGInternationalGmbH

-

-

-

09-Apr-2026

Stromernte/100mwSolarPvPlant/

NovarNederlandBV

-

-

-

08-Apr-2026

PowderRiverBasinofWyoming

VitesseEnergy,Inc.

37.4

-

-

02-Apr-2026

Helmerich&Payne,Inc./UticaSquare/

NorthwoodInvestorsLLC

-

-

-

01-Apr-2026

PETERGRAHAM&ASSOCIATESLLP

Paton&Co.GroupLLP

-

1.1

0.5

($inmillions)Source:Factset

cfa

WORLDWIDE

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page15

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page16

WORLDWIDE

PublicCompanies

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page17

WORLDWIDE

IndustryPerformanceFossilFuels

CFAWSelectFossilFuelIndex

Source:FactSet

cfa

CORPORATEFINANCEASSOCIATESEnergyIndustryNews|Summer2026|Page18

WORLDWIDE

IndustryPerformanceRenewableEnergy