Tag Archives: Energy

ONEOK to Acquire Brazos Midstream’s Permian Midland Basin Assets for $4.425 Billion

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Acquisition Increases Momentum Toward the High End of ONEOK’s Mid- to High-Single-Digit Adjusted EBITDA Growth Target Over the Next Five to Seven Years

Expected to Be Immediately Accretive to Earnings and Free Cash Flow Per Share

$9 Billion Minority Equity Investment from Apollo Funds Acquisition and $5 Billion Debt Extinguishment

Accelerates Deleveraging to 3.25x Debt-to-EBITDA with No Issuance of Common Equity

Accelerates ONEOK’s Flexibility for Capital Allocation Including Organic Growth, Potential Dividend Increases and Share Buybacks

TULSA, Okla. – Aug. 30, 2026 – ONEOK, Inc. (NYSE: OKE) today announced that it has executed a definitive agreement to acquire Brazos Midstream’s Permian Midland Basin natural gas gathering and processing assets for total cash consideration of $4.425 billion. The acquisition will be funded through a $9 billion nonvoting minority equity investment from funds and affiliates managed by Apollo (NYSE: APO) (Apollo). ONEOK intends to use $5 billion of proceeds from the equity investment to reduce ONEOK’s existing indebtedness.

“This transaction demonstrates ONEOK’s strategy of intentionally expanding and extending our integrated energy infrastructure,” said Pierce H. Norton II, ONEOK president and CEO. “These assets add a premier Permian Midland Basin platform supported by long-term contracts and attractive growth opportunities.

“The acquisition expands our scale in the Permian Midland Basin, advances our integrated wellhead-to-water strategy and strengthens connectivity across our natural gas and NGL value chain, positioning ONEOK to capture significant volume growth in one of the most economic and rapidly growing resource plays,” added Norton. “The combination of this acquisition with the minority equity investment demonstrates our commitment to creating shareholder value while accelerating our deleveraging to 3.25 times debt-to-EBITDA, further enhancing our balance sheet.”

“ONEOK has built one of the largest and most diversified midstream platforms in the country, providing essential services and infrastructure to help meet rapidly expanding domestic and international energy demand,” said Apollo Partner Jamshid Ehsani. “This transaction reflects Apollo’s ability to deliver flexible, high-grade capital solutions at scale, structured around ONEOK’s long-term strategic objectives.”

STRATEGIC OVERVIEW

The acquisition will be funded through a $9 billion nonvoting minority equity investment in ONEOK’s existing business. The investment carries an internal rate of return (IRR) that is capped at 7.0% for the first nine years of the investment, which is lower than ONEOK’s cost of publicly traded equity. Distributions in excess of the capped IRR will reduce the minority equity capital balance over time, which increases the economic value attributable to ONEOK common shareholders.

In addition to funding the acquisition, ONEOK intends to extinguish approximately $5 billion of existing indebtedness, immediately reducing expected pro forma 2027 leverage to approximately 3.25 times debt-to-EBITDA. The debt extinguishment plan will include repayments, make-whole calls and a tender offer for senior notes (most of the targeted senior notes are currently trading below par).

These steps will accelerate ONEOK’s deleveraging timeline and will more than achieve the company’s previous target leverage without issuing common equity while supporting a growing backlog of organic growth opportunities, particularly in the Permian Basin, as well as other business segments.

The acquisition increases momentum toward the high end of ONEOK’s mid- to high-single-digit adjusted EBITDA growth target over the next five to seven years and accelerates ONEOK’s flexibility to increase capital returns to shareholders, including through potential dividend increases and share buybacks.

PREMIER PERMIAN MIDLAND BASIN PLATFORM

The transaction implies a multiple of approximately 7.5 times estimated 2027 EBITDA, inclusive of approximately $80 million of full-year synergies, and approximately 6.0 times estimated 2028 EBITDA, reflecting the expected significant growth of the Brazos platform, as well as additional commercial and operational synergies expected to be realized through further integration with ONEOK’s existing Permian Basin assets. The combined ONEOK and Brazos systems are also expected to generate additional capital efficiencies as capacity is optimized across the platform. The acquisition is expected to be immediately accretive to earnings and free cash flow per share, supported by substantial contracted growth across Brazos’ dedicated acreage.

The acquisition strengthens ONEOK’s integrated Permian-to-Gulf Coast strategy by:

  • Expanding scale in the rapidly growing Permian Midland Basin.
  • Adding long-term, fee-based contracted growth with leading Permian producers.
  • Enhancing connectivity across the natural gas and NGL value chain.
  • Optimizing commercial and capital savings opportunities.
  • Delivering immediate accretion to earnings and free cash flow per share.

The acquired Brazos Midland assets create a scaled, integrated Permian Midland Basin platform that strengthens ONEOK’s position in one of the most active and economic producing regions in North America. Supported by approximately 600,000 dedicated acres under long-term fixed-fee contracts with a weighted average remaining term of more than 12 years, the system provides substantial visibility to future volume growth and is currently supported by 14 active drilling rigs from leading Permian producers including ExxonMobil, Diamondback Energy and Double Eagle.

Following completion of the Cassidy II processing plant expected in the third quarter of 2027, the Brazos Midland system will include approximately 700 miles of gathering infrastructure and 1.2 billion cubic feet per day (Bcf/d) of processing capacity across seven core Permian Midland Basin counties. Through the acquisition, ONEOK also obtains a Permian Midland Basin-wide area of mutual interest (AMI) with a key private producer, creating additional opportunities to capture future growth.

The Brazos Midland assets are highly complementary to ONEOK’s existing Permian Midland Basin natural gas gathering and processing, NGL transportation and crude oil infrastructure. The acquisition more than doubles ONEOK’s Midland Basin processing capacity to approximately 2.3 Bcf/d, including plants currently under construction, and establishes one of the Permian Midland Basin’s largest integrated natural gas gathering and processing platforms.

The combination expands ONEOK’s ability to capture volume growth across the value chain while optimizing capital deployment and utilizing existing downstream infrastructure, including the company’s West Texas NGL Pipeline and soon-to-be-completed Medford NGL fractionation facility. By integrating commercial, operational and capital activities across the combined footprint, ONEOK expects to achieve significant recurring synergies over the long term, further reducing the effective acquisition multiple over time to be in line with ONEOK’s historical organic build multiples.

MINORITY EQUITY INVESTMENT

Further strengthening its financial position, ONEOK has entered into an agreement with Apollo and affiliates for a $9 billion minority equity investment.

Minority equity investment highlights:

  • Return capped at a 7.0% IRR for the first nine years of the investment with value creation above the capped return rate accruing to ONEOK common shareholders.
  • Investor’s capital account balance is expected to substantially decline over time through cash distributions that vary with cash flow from operations.
  • Income attributable to the noncontrolling interest (NCI) is expected to tie closely to the 7.0% capped IRR multiplied by the investor’s then outstanding capital account balance.
  • No liquidation preference and is structurally subordinate to all existing ONEOK senior debt.
  • Provides ONEOK the option to acquire any remaining minority interest beginning eight years after closing or earlier if investor capital account balance declines to $200 million prior to that date.
  • No Hypothetical Liquidation at Book Value (HLBV) accounting treatment necessary for this structure.

Under the terms of the agreement, Apollo will invest $9 billion in exchange for a Class B interest in a newly formed holding company, ONEOK Holdings, L.L.C. (HoldCo), which is structurally subordinate to the company’s debt. The Class B interest is expected to receive 15% of quarterly cash flow from ONEOK, L.L.C. (OpCo) operations. Because those distributions are expected to exceed the Class B capped return of 7.0% IRR, the Class B capital account balance is expected to substantially decline over time. There are no penalties if the quarterly distribution is below the capped return. ONEOK has the option each quarter to accelerate the Class B investor capital paydown by electing to distribute up to 20% of quarterly cash flow from OpCo’s operations to the Class B interest, subject to certain conditions. The Class B interest carries limited consent rights related to HoldCo, has no board representation or liquidation preference, and is subordinate to all ONEOK senior debt. All distributions paid to HoldCo are at the discretion of the OpCo board.

The total minority equity investor return is capped at a 7.0% IRR for the first nine years of the investment. The target IRR on the then-current capital account balance steps to 7.35% in year 10 and increases to a final cap of 7.85% in year 15. All value creation above the capped IRR, including growth from the Brazos Midland acquisition, ONEOK’s existing portfolio and future initiatives, accrues to ONEOK common shareholders.

Beginning on the eighth anniversary of closing, or earlier if the Class B capital account balance reaches $200 million prior to that date, ONEOK may acquire the remaining Class B interest at a price reflecting the same 7.0% IRR, which is fixed until the ninth anniversary of closing. By that time, the remaining balance is expected to be substantially below the initial investment. In years 10 through 15, the Class B interest may be acquired at a value to achieve the then current target IRR applied to the remaining Class B capital account balance at that time.

The investment has been reviewed with ONEOK’s credit rating agencies, all of which consider the transaction as credit-enhancing, and ONEOK expects to receive full equity credit. Under Generally Accepted Accounting Principles (GAAP), the investment will be reported on the balance sheet as a noncontrolling interest (NCI) within permanent equity. On the income statement, approximately 7.0% (1.75% on a quarterly basis) of the investment’s remaining capital balance will be subtracted from net income to arrive at net income attributed to ONEOK. The remainder of the Class B payment above NCI will reduce capital balance quarterly and the next quarter’s income available for common shareholders will increase in an amount approximately equal to the previous quarter’s reduction in capital account multiplied by the capped return divided by four and adjusted for the effective tax rate.

TRANSACTION TIMING

The Brazos Midland acquisition is expected to close in the fourth quarter of 2026 and has been unanimously approved by ONEOK’s Board of Directors. The closing of the transaction is subject to customary closing conditions, including Hart-Scott-Rodino Act clearance.

The minority equity investment has been unanimously approved by ONEOK’s Board of Directors and is expected to close in the first half of September, subject to customary closing conditions.

As part of these strategic transactions, ONEOK intends to extinguish $5 billion of outstanding debt, including commencing a cash tender offer for certain of its outstanding debt securities. In addition, ONEOK will repay, at or shortly following closing of the minority equity investment, its $1.2 billion term loan and will exercise make-whole calls on certain series of senior notes.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

CONFERENCE CALL INFORMATION

Members of ONEOK’s management team will participate in a conference call at 9 a.m. Eastern (8 a.m. Central) on Aug. 31, 2026. The call will also be webcast.

To participate in the conference call, dial 800-330-6710, confirmation code: 8307680, or log on to the webcast at www.oneok.com.

If you are unable to participate in the conference call or webcast, a recording will be available at www.oneok.com for one year.

TRANSACTION PRESENTATION

https://ir.oneok.com/news-and-events/events-and-presentations

ADVISORS

Barclays served as sole financial advisor to ONEOK on the Brazos Midland acquisition and lead financial advisor to ONEOK on the minority equity investment. Lazard also served as financial advisor to ONEOK on the minority equity investment.

Latham & Watkins LLP served as legal advisor to ONEOK on the acquisition and minority equity investment.

RBC Capital Markets served as sole financial advisor and Milbank LLP served as legal counsel to Apollo.

Akin Gump Strauss Hauer & Feld LLP served as legal advisor to Brazos Midstream.

NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES:

This news release references certain non-GAAP financial measures, including forward-looking transaction-related adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) multiples and targets, and free cash flow. These measures may not be comparable to similarly titled measures of other companies, are not measurements of financial performance under GAAP, and should not be considered alternatives to amounts presented in accordance with GAAP. Because these measures are provided on a forward-looking basis, ONEOK is unable to present a quantitative reconciliation to the most directly comparable forward-looking GAAP measures without unreasonable effort.

ABOUT ONEOK

At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit www.oneok.com. For the latest news, visit the ONEOK newsroom or find us on LinkedIn, Facebook, X and Instagram.

ABOUT APOLLO

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management. To learn more, please visit www.apollo.com.

ABOUT BRAZOS MIDSTREAM

Headquartered in Fort Worth, Texas, Brazos Midstream represents the largest privately held midstream platform in the Midland Basin. Brazos Midstream’s critical hydrocarbon infrastructure of natural-gas gathering pipelines spans the most prolific producing counties in the Midland Basin. Brazos has expansion projects underway to expand its current processing capacity to approximately 1.2 billion cubic feet per day (Bcf/d) in 2027. Brazos Midstream’s Midland platform is backed by Old Ironsides Energy, LLC and EnCap Flatrock Midstream, L.P.

FORWARD-LOOKING STATEMENTS

Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected levels of quarterly and annual dividends and adjusted EBITDA), growth, leverage, synergies, liquidity, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “project,” “scheduled,” “should,” “will,” “would” and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements, including, without limitation, conditions to the completion of the acquisition, such as required regulatory clearance, not being satisfied; closing of the acquisition or minority equity investment being delayed or not occurring at all; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the acquisition agreement; and ONEOK being unable to achieve the anticipated benefits of the acquisition or minority equity investment, including failure to achieve anticipated growth levels or operational synergies. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

Contacts

Investor Relations:
Megan Patterson
918-561-5325
ONEOKInvestorRelations@oneok.com

Media Relations:
Alicia Keenom
918-861-3749
Media@oneok.com

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Kuwait Oil Company Signs US$ 16.0 Billion Infrastructure Partnership Involving Its Crude Oil Pipeline Network With a Consortium Comprising Blackstone, Brookfield and KKR

KKR
  • Kuwait Oil Company (“KOC”) is establishing a new joint venture (“JV”) with three leading global investors in a lease and leaseback structure for a 20.5 year period that includes a volume-based tariff
  • Following a competitive selection process, Blackstone, Brookfield and KKR will collectively hold a 49% stake in the JV, with each investor holding an equal one-third share of that interest on equal terms; KOC will retain a 51% stake and full ownership and operational control of the network
  • Kuwait’s largest energy infrastructure partnership to date, and the largest foreign direct investment ever in Kuwait
  • Marks the first time leading global institutional investors have deployed long-term capital into Kuwait’s midstream infrastructure
  • Underscores – amidst ongoing regional geopolitical challenges – international trust in KPC’s ability to deliver on its 2040 Strategy to reach 4 million barrels of crude oil production capacity per day by 2035
  • Supports Kuwait’s economic diversification goals in a partnership with leading international investors, expected to generate US$ 7.85 billion of proceeds to support broader capital expenditure plans
  • Preserves the State of Kuwait’s full flexibility over its production and refining volumes


KUWAIT CITY, Kuwait–(BUSINESS WIRE)–Kuwait Petroleum Corporation (“KPC”), the state-owned corporation overseeing Kuwait’s oil and gas sector, today announced that its wholly owned subsidiary, Kuwait Oil Company (“KOC”), responsible for the exploration, production and transportation of crude oil on behalf of the State of Kuwait, has signed a US$ 16.0 billion lease-and-lease-back agreement involving its entire domestic and export pipeline network with a consortium of international infrastructure and institutional investors led collectively by Blackstone, Brookfield and KKR.

As part of the transaction, a newly formed Kuwaiti-incorporated JV will lease from KOC the usage rights to all of its 13 pipelines, spanning a total of approximately 320 kilometers of Kuwait’s pipeline network. Under the terms of the agreement, the JV will grant back to KOC the exclusive use, operational and maintenance rights in the pipeline assets for a 20.5 year period, in exchange for a volume-based tariff.

KOC and the consortium, comprising Blackstone, Brookfield and KKR, will establish the new joint venture, with KOC holding a 51% majority stake and the consortium collectively holding the remaining 49%, with equal stakes and on equal terms. KOC will continue to maintain full ownership and operational control of the pipeline network. The JV will not impose any restrictions on Kuwait’s refining throughput or production volumes, all of which remain subject to decisions made by the State of Kuwait.

The JV is expected to generate upfront proceeds of US$ 7.85 billion for KOC upon closing, supporting KPC’s capital expenditure plans, including KPC’s target of 4 million barrels per day of crude oil production capacity by 2035, and supporting Kuwait’s broader efforts to diversify sources of capital and deepen engagement with global investors.

The commitment represents the largest foreign direct investment in Kuwait’s history. Its scale reflects the quality of KOC’s asset base, the strength of KPC’s operational stewardship, and the enduring appeal of Kuwait as an investment destination.

The agreement ranks among the first major inward investments in the Arabian Gulf region since the onset of recent tensions, and it bears testament to Kuwait’s resilience and agility, and the sustained confidence of global institutional investors in Kuwait and KPC.

Beyond its immediate proceeds, the JV is intended to serve as a catalyst for deeper participation by global investors in the national economy, in keeping with KPC’s development plan and Kuwait’s long-term diversification agenda.

Shaikh Nawaf Saud Al-Sabah, Deputy Chairman and CEO of KPC, said:

“Project Peregrine represents the largest foreign direct investment in Kuwait’s history and a defining milestone for our country’s economic development. It delivers on the commitment announced by His Highness the Prime Minister Shaikh Ahmad Abdullah Al-Ahmad Al-Sabah at the Kuwait Oil & Gas Show (KOGS) in February 2026 to attract world-class international investors into Kuwait’s strategic infrastructure while preserving full national ownership and operational control.

We are pleased to welcome Blackstone, Brookfield and KKR as long-term partners in this landmark transaction. Their investment reflects confidence in Kuwait’s resilience, the quality of KPC’s assets and our long-term vision for the country’s energy sector.

This transaction sends a powerful signal that Kuwait continues to rise as an attractive destination for global capital, even amid a challenging regional environment.”

Joe Bae and Scott Nuttall, Co-CEOs of KKR, said:

“Kuwait has established itself as one of the world’s leading energy producers through decades of disciplined investment and prudent stewardship. We have greatly valued our partnership with Shaikh Nawaf and his team. This investment reflects our confidence in Kuwait and our commitment to providing long-term capital in support of strategic infrastructure, and we look forward to deepening our partnership and identifying further opportunities to invest alongside Kuwait in the years ahead.”

Bruce Flatt, CEO of Brookfield Corporation, said:

“Kuwait is a long-standing and highly valued partner of Brookfield’s, and we have long admired the way it has built a globally leading energy industry. We are proud to support Kuwait as it continues to build out its vital energy infrastructure, and honored to invest alongside our partners for the long term.”

Stephen Schwarzman, Chairman, CEO and Co-founder of Blackstone, said:

“Kuwait’s leadership, vision and resources have made it a compelling destination for international capital, built on its strength in the energy sector and remarkable efforts to diversify its economy. We are proud to support this critical infrastructure, helping meet rising global energy demand while deepening Blackstone’s nearly four-decade partnership with Kuwait.”

Additional transaction details

The transaction will be governed by Kuwaiti law and is subject to customary closing conditions and regulatory approvals.

Centerview Partners, HSBC and J.P. Morgan acted as financial advisors to KPC.

About KPC

Kuwait Petroleum Corporation is the national oil company of the State of Kuwait. Through an integrated supply chain managed by its six wholly owned subsidiaries, KPC oversees upstream, downstream, petrochemical, midstream and international operations. KPC is committed to the responsible production and global distribution of hydrocarbons, embedding innovative energy solutions across its business while serving as a trusted and reliable global supplier of hydrocarbons. For more information, please visit www.kpc.com.kw and follow @kpcofficialkw on X and Instagram.

About KOC

Kuwait Oil Company is responsible for all exploration, production, and transportation of crude oil on behalf of the State of Kuwait (itself the owner of the oil).

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Brookfield

Brookfield is a leading global investment firm with more than $1 trillion in assets under management headquartered in New York that owns and operates real assets and essential service businesses that form the backbone of the global economy. We invest on behalf of institutions and individuals around the world across infrastructure, renewable power and transition, private equity, real estate, and credit—sectors critical to supporting economic growth and productivity. With a heritage spanning more than a century and operations in over 30 countries, we deploy long-term, patient capital to build the foundational assets and businesses that power a more connected, resilient, and sustainable future—seeking to build long-term wealth for our clients while delivering strong risk-adjusted returns for our shareholders.

For more information, please visit our website at www.brookfield.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

 

Contacts

Media Contacts

KPC/KOC
Shahad Al-Rashidi
corporaterelations@kpc.com.kw

Blackstone
Dafina Grapci-Penney / Tom Clements
pressinquiries@blackstone.com

Brookfield
Simon Maine: simon.maine@brookfield.com
Shveta Singh: shveta.singh@brookfield.com

KKR
Annabel Arthur
media@kkr.com

 

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Williams Announces $5.34 Billion Investment in Power Innovation Joint Venture from Blackstone

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Blackstone

Transaction led by Blackstone, in partnership with Apollo and KKR

TULSA, Okla. – Williams (NYSE: WMB) announced today that it has signed an agreement led by funds managed by Blackstone Credit & Insurance (“Blackstone”), in partnership with Apollo and insurance vehicles and accounts managed by KKR, to support the development of its five announced behind-the-meter Power Innovation projects: Socrates, Apollo, Aquila, Socrates the Younger, and Neo. The advancement of Williams’ Power Innovation projects demonstrates the unique turnkey capability that Williams provides, with strong expertise across the full natural gas supply, delivery and power value chain, supported by over 100 years of large-scale project execution capabilities.

Under the terms of the agreement, Blackstone and its partners will provide Williams with $5.34 billion of committed capital in exchange for a 49% noncontrolling equity interest in the five Power Innovation projects. The commitment includes $4.4 billion, representing 49% of expected total growth capital expenditures, and approximately $0.9 billion of additional consideration to Williams. Williams will retain a 51% interest in the projects and will maintain commercial and operational control. Cash distributions align with ownership interests of 51% to Williams and 49% to Blackstone, and distributions that exceed Blackstone’s targeted return will serve to reduce their investment balance. In addition, Williams has a buyout right between years 7 and 14 valued at the Blackstone outstanding investment balance amount, preserving Williams’ long-term upside in the projects.

The partnership provides Williams with efficient equity capital to fund the growth of existing Power Innovation projects and further positions the company to deliver the 6+ GW backlog that Williams continues to advance.

The transaction reduces Williams’ capital exposure and limits corporate debt, and the Blackstone investment will be consolidated in financial reporting as a noncontrolling interest. Importantly, the structure is designed to enhance project returns, preserve balance sheet capacity for additional high-return opportunities and support Williams’ stated long-term leverage target range of 3.5x to 4.0x.

“We are thrilled to have Blackstone as a partner for our first five Power Innovation projects in a manner that enhances the economics of our projects and positions us to further scale and grow this exciting business. The investment from Blackstone, one of the world’s premier alternative asset managers, and the further support from top-tier investment firms Apollo and KKR, underscores the quality and importance of our turnkey energy infrastructure platform in serving rapidly growing power demand,” said Chad Zamarin, Williams President and Chief Executive Officer. “With more than 2.6 gigawatts announced, our Power Innovation portfolio is scaling rapidly, and we look forward to delivering these critical energy solutions for American companies. The investment from Blackstone and its partners enhances returns on the existing portfolio through a meaningful promote structure, while enabling us to redeploy capital into new high-return projects that will further accelerate our long-term growth.”

“Williams is a leader in meeting the country’s rapidly growing power demands, including providing critical hard assets to serve the AI infrastructure buildout,” added Robert Horn, Global Head of Infrastructure & Asset-Based Credit at Blackstone and Rick Campbell, Senior Managing Director, Blackstone Credit & Insurance. “This is an area where we share deep conviction and expertise and we’re proud to support Williams with a scaled, high-grade capital solution fit for these innovative projects.”

Williams has posted a presentation to its Investor Relations website with more details on the transaction.

2026 Financial Guidance
The company continues to expect 2026 Adjusted EBITDA in the upper half of its $8.05 billion and $8.35 billion range. The company continues to expect 2026 growth capex between $7 billion and $7.6 billion and maintenance capex between $850 million and $950 million. Williams’ updated leverage ratio midpoint for 2026 is now approximately 3.6x. All other per-share guidance ranges remain unchanged. Guidance for 2026 growth capex and debt-to-adjusted EBITDA excludes certain reimbursable long-lead equipment.

Advisors
Citi acted as financial advisor to Williams. Davis Polk & Wardwell is serving as Williams’ legal counsel on the transaction.

Morgan Stanley & Co. LLC acted as financial advisor to Blackstone. Kirkland & Ellis is serving as Blackstone’s legal counsel on the transaction.

About Williams
Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it’s needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com.
 
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Williams believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Williams’ annual and quarterly reports filed with the SEC.

Contact
Media
media@williams.com
(800) 945-8723

Investors    
Caroline Sardella
(918) 230-9992

Ashley Mitchell
(918) 240-6082

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Keyera Announces Acquisition of Remaining 50% Interest in KAPS

Stonepeak
  • On strategy transaction generates strong free cash flow1 and is accretive to distributable cash flow per share1
  • Accelerates fee-based adjusted EBITDA per share1 growth outlook
  • Enhances quality and durability of growing cash flow well into the next decade
  • Preserves strength and flexibility of balance sheet

CALGARY, AB, June 17, 2026 /CNW/ – Keyera Corp. (TSX: KEY) (“Keyera” or the “company”) today announced closing of the acquisition of the remaining 50% non-operating interest in the KAPS Pipeline from Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, for $1.215 billion, pursuant to the terms of a definitive agreement dated June 17, 2026. The transaction was closed concurrent with the announcement.

Keyera now owns and will continue to operate 100% of the KAPS Pipeline, a highly strategic natural gas liquids (“NGL”) pipeline system connecting growing condensate and NGL production from the Montney and Duvernay resource plays to high-value downstream markets. Since 2025, Keyera has added over 120,000 barrels per day of new commitments across KAPS Zones 1 to 4 from high quality counterparties supporting stable, long-term fee-based cash flow1 growth. KAPS Zone 4 construction continues to be on time and on budget with an expected mid-2027 in-service date.

“This transaction is directly aligned with our strategy to enhance and extend our integrated value chain and deliver competitive services that help our customers maximize value for their products,” said Dean Setoguchi, President and Chief Executive Officer of Keyera. “Full ownership of KAPS provides greater flexibility and efficiency for our customers while enhancing Keyera’s exposure to long-term growth and highly contracted cash flows.”

Transaction Highlights

  • Greater flexibility and efficiency for customers: Full ownership of KAPS allows customers to more efficiently connect growing Montney and Duvernay production to high-value downstream markets.
  • Accretive to distributable cash flow (“DCF”) per share: The acquisition is expected to be low-single digit accretive to distributable cash flow per share over the next several years. Following the completion and ramp-up of Zone 4 through 2030, KAPS is expected to generate significant free cash flow1, supported by contracted volume growth, minimal maintenance capital requirements and tax efficiencies achieved through the transaction. Including the remaining capital required to complete Zone 4, the transaction implies an acquisition multiple of approximately 11 times 2029 EBITDA1 based on currently contracted volumes, and does not reflect upside from future contracting opportunities.
  • Improved growth outlook: The transaction increases Keyera’s targeted fee-based adjusted EBITDA per share1 CAGR from 15% to 17% to 16% to 18% between 2025 and 2027. Keyera’s targeted 7% to 8% fee-based adjusted EBITDA per share1 CAGR from 2027 to 2029 remains unchanged and is supported by an even stronger foundation for growth.
  • Enhanced quality and durability of Keyera cash flows: KAPS is supported by long-term contracts and stable fee-based1 cash flows, further improving the quality, visibility, and durability of Keyera’s overall cash flow profile. Fee-based cash flows are underpinned by contracts with an average remaining term of approximately 12 years and 75% take-or-pay contributions.
  • Preserves Keyera’s financial strength: The financing plan is structured to preserve Keyera’s strong balance sheet and investment grade credit profile, with net debt to adjusted EBITDA1 expected to be within the company’s target range of 2.5x to 3.0x in 2028. Following closing, Keyera expects approximately $100 million of incremental 2026 growth capital, relative to its previously disclosed 2026 growth capital guidance of $550 million to $625 million, related to funding Keyera’s increased share of the remaining capital to complete Zone 4.

RBC Capital Markets acted as financial advisor to Keyera on the transaction. Norton Rose Fulbright Canada LLP and McCarthy Tétrault LLP are acting as legal advisor to Keyera.

Scotia Capital Inc. acted as financial advisor to Stonepeak on the transaction. Sidley Austin LLP, Stikeman Elliott LLP, and Goodmans LLP are acting as legal advisor to Stonepeak.

Acquisition Financing

The acquisition financing plan is designed to preserve balance sheet strength and financial flexibility.

As part of the financing plan, Keyera has entered into an agreement to issue $525 million of common equity through a bought deal offering, before the exercise of any over-allotment option, which is being announced separately (the “Equity Financing”).

The purchase price was funded through borrowings made under certain existing credit facilities of Keyera Partnership. All or a portion of the outstanding borrowings under such existing credit facility are expected to be repaid with proceeds of the Equity Financing and through a future debt financing.

Notes:

  1. Non-GAAP financial measure. Refer to the section of this news release titled “Non-GAAP and Other Financial Measures Advisory”.

About Keyera Corp.
Keyera Corp. (TSX: KEY) operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage, and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $88 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Additional Information

For more information about Keyera Corp., please visit our website at www.keyera.com or contact:

Dan Cuthbertson, General Manager, Investor Relations
Tyler Monzingo, Senior Specialist, Investor Relations

Email: ir@keyera.com
Telephone: 1-403-205-7670
Toll free: 1-888-699-4853

For Stonepeak, please contact:

Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

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Stonepeak and Energy Equation Partners to Acquire Anwim

Stonepeak
Moya

Moya

 

NEW YORK – June 11, 2026 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Energy Equation Partners (“EEP”), an investment firm focused on backing middle market energy companies, today announced an agreement to acquire Anwim S.A. (“Anwim”), Poland’s largest independent fuel marketer and owner of the MOYA station network. The transaction marks a continuation of Stonepeak and EEP’s European fuel retail joint venture, following its acquisition of a majority interest in JET Tankstellen Deutschland GmbH (“JET”), a leading fuel retailer in Germany and Austria, in December 2025.

Anwim is a nationwide retail and wholesale distributor of fuels in Poland. It is the nation’s third-largest and fastest-growing fuel station chain, with over 540 MOYA stations and handling approximately 3 billion liters of volume annually. As one of the largest fuels distributors in Poland, Anwim has access to the country’s full fuel logistics infrastructure supply chain, supporting domestic sourcing and significant import capabilities for fuel, and allowing it to comprehensively address the needs of its broad customer base, which includes individual retail fuel customers, large multinational companies, and smaller commercial customers, such as filling station operators, transport companies, manufacturers, and processing plants.

“Poland continues to exhibit strong, long-term fuel demand, and Anwim is well positioned to meet it, with diversified offerings, an expansive footprint, and high-quality infrastructure,” said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. “Leveraging Stonepeak and EEP’s combined expertise in energy infrastructure, the fuel station market, and e-mobility, as well as the ability to exchange operational best practices with JET, we believe Anwim will be even better situated to strengthen the MOYA brand and expand its leadership position in today’s dynamic market. We look forward to working closely with the EEP and Anwim teams towards those goals.”

“We see strong potential in Anwim and the opportunity to build a leading independent multi-energy platform across Europe,” added Sari Haidar, Investment Partner at Energy Equation Partners. “Given our presence in European markets and our expertise in energy infrastructure and mobility, we will be able to realize tangible synergies, both in terms of operational know-how, e-mobility development, and building modern services for retail customers. Together with the Stonepeak team, we are committed to supporting a seamless transition for Anwim’s future success.”

“The recent years have been a period of highly dynamic growth and business transformation for Anwim,” said Rafał Pietrasina, CEO of Anwim. “Today, we are a strong, modern organization operating in fuel import, wholesale, and retail, while expanding into new areas related to e-mobility and the energy transition. Securing strong partners in Stonepeak and EEP who thoroughly understand the specifics of our industry opens up the next stage of development and creates new perspectives for further strengthening MOYA’s market position.”

The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including regulatory approvals. Akin Gump Strauss Hauer & Feld LLP and Rymarz Zdort Maruta served as legal counsel to Stonepeak and EEP. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel to Stonepeak and EEP.

About Anwim S.A.
Anwim S.A. is the largest independent Polish company in the fuel sector, present on the market for over 30 years. It operates across the import, wholesale, and retail distribution of liquid fuels, handling approximately 3 billion liters of volume annually. Anwim is the owner and operator of MOYA, the third-largest and fastest growing fuel station network in Poland, comprising over 540 locations. The company has consistently executed its growth strategy by expanding the MOYA network footprint and broadened exposure into areas related to e-mobility and the energy transition.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $88 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Energy Equation Partners
Energy Equation Partners is an energy specialist investment firm that seeks to invest in companies that are well established in the energy sector and have the potential to play a valuable role in the shift from “brown to green”. Over the past two decades, the principals of EEP have deployed over $10 billion of equity capital across the energy value chain globally and have significant experience in fuel retail.

Contacts

For Anwim S.A.:
Marcin Przybylski
media@anwim.pl
+48 791 477 244

For Stonepeak:
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

For Energy Equation Partners:
Sari Haidar
sari@energyequationpartners.com
+44 75 5112 5113

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CVC Capital Partners IX agrees to invest in Public Power Corporation

CVC Capital Partners

CVC Capital Partners is pleased to announce CVC Capital Partners IX (“Fund IX”) has agreed to invest in Public Power Corporation S.A. (“PPC”), Greece’s largest renewables-focused and vertically-integrated utility, which is listed on the Euronext Athens Stock Exchange. Fund IX is participating as the sole cornerstone investor alongside the Greek State in PPC’s €4.25bn Share Capital Increase.

PPC operates across electricity generation and distribution, alongside the sale of energy products and services in Greece and Romania, while continuing to expand its renewable energy presence in Italy, Bulgaria and Croatia. The Group has a total installed capacity of 12.4GW,  including 7.2GW in renewables (“RES”). PPC is also the sole distribution network operator in Greece and second largest in Romania with a combined regulated asset base of  €5.7bn. The Group serves ~8.6m retail customers across Greece and Romania.

PPC is evolving into a leading clean power-tech and critical infrastructure operator in Central & South East Europe through an announced ~€24bn 5-year investment plan. This plan includes doubling installed capacity to 24.3 GW by 2030 mainly through RES and flexible generation, expanding and modernizing its electricity distribution networks, and providing data centre infrastructure with a 300MW facility by 2028.

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Ardian Clean Energy Evergreen Fund (ACEEF) enters the Uruguayan renewables market through acquisition of a 76MWp operating solar portfolio

Ardian

ACEEF acquires two operating solar PV plants with a combined capacity of 76MWp located in Uruguay
• The acquisition marks ACEEF’s entry into Uruguay and further expands Ardian’s renewable footprint in Latin America

Ardian, a global private investment firm, today announces that it has acquired two operating solar PV plants in Uruguay with a combined capacity of 76MWp.

The investment marks ACEEF’s first entry into the Uruguayan renewable energy market, further expanding Ardian’s footprint in Latin America. Uruguay benefits from strong renewable fundamentals, including a well-established regulatory framework and a high degree of revenue visibility, providing a supportive environment for long-term investment. Ardian intends to build its presence in the market over time through further investment opportunities.

The portfolio will be managed by AGR-AM, Ardian’s renewable energy platform in Latin America and Spain, which will oversee asset management and operational optimisation. The assets will also benefit from integration with OPTA, Ardian’s proprietary data analytics platform designed to optimise the management of renewable energy assets and support value creation across the portfolio.

Ardian already has a presence in Uruguay, through its investment in Akuo, which operates a portfolio of renewable assets in the country. More broadly, ACEEF has a long-standing presence in South America via solar PV assets in Chile, and hydropower and solar PV assets in Peru. This footprint supports Ardian’s ability to source, execute and manage investments locally.

The acquisition also strengthens the fund’s international renewable portfolio, providing further geographic diversification and supporting its strategy of building scalable positions in attractive markets.

“ACEEF is built around a selective and disciplined investment strategy focused on scalable platforms, diversified geographies and assets with strong contractual frameworks. Our entry into Uruguay adds high-quality operating capacity that supports stable yields, limits revenue volatility, and strengthens the fund’s diversified exposure to core renewable technologies.” Benjamin Kennedy, Managing Director Renewables, Ardian

“This transaction builds on AGR AM’s strong experience and operational track record across the region, enabling us to identify high quality opportunities and deliver value at scale. We look forward to building a strong and sustainable footprint in the market.” Angel Hernandez Del Teso, CEO AGR-AM

ACEEF is Infrastructure’s first open-ended clean energy fund, which was launched in early 2022 and whose fundraising reached €1.0bn at the closing in July 2023. The fund offers professional investors the opportunity to enhance their exposure to renewable assets and the energy transition. The fund commits to making investments with an environmental objective as described in Article 9 fund of the EU Sustainable Finance Disclosure Regulation (SFDR) and invests globally, with a focus on Europe.

ACEEF will continue to focus on core renewable technologies – namely solar, wind and hydro, as well as emerging technologies across biogas, biomass, storage and energy efficiency. ACEEF currently manages 1.5GW of operating capacity across 5 platforms.

Ardian has been a pioneer in the energy transition, having started investing in renewable assets in 2007. Across all Infrastructure Funds at Ardian, the team manages more than 10GW of clean energy capacity in Europe and the Americas.

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $200bn for more than 1,920 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

Media contacts

HEADLAND

ardian@headlandconsultancy.com

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AlphaGen and ArcLight Expand Strategic Power Portfolio with Acquisition of Brandywine Power

Arclight

STAMFORD, Conn., May 18, 2026 /PRNewswire/ — Alpha Generation, LLC (“AlphaGen”), together with ArcLight Capital Partners, LLC (with its affiliates, “ArcLight”), today announced that it has completed the acquisition from Onward Energy Holdings, LLC of Brandywine Power (“Brandywine”), an approximately 250 MW combined-cycle generating facility located in Prince George’s County, Maryland, within PJM Interconnection’s PEPCO Zone.

The acquisition further strengthens AlphaGen’s position as the largest private independent power producer in the United States, expanding its scale in strategically important power markets and enhancing its ability to deliver reliable, dispatchable capacity to utilities, electric cooperatives, municipalities and large-load customers across the Mid-Atlantic.

Brandywine provides essential capacity, energy, and ancillary services that help support reliability across the Mid-Atlantic, including the Washington, D.C. metro area and is well positioned to benefit from AI and electrification-related power demand growth.

The facility is located near AlphaGen’s Keys Energy Center, which recently signed a 10-year electricity and capacity supply agreement with Southern Maryland Electric Cooperative, creating opportunities for operational coordination, commercial flexibility, and long-term offtake solutions across a broader regional footprint.

“Brandywine is a strategic asset that benefits from AlphaGen’s scale and operational capabilities, and ArcLight’s long-term infrastructure investment approach,” said Curt Morgan, Chief Executive Officer of AlphaGen. “This acquisition strengthens our ability to offer durable, contract-backed solutions in markets where reliability matters most. Our portfolio scale allows us to reliably dispatch power, manage operational risk, and work constructively with regulators and customers to support long‑term capacity and energy needs.”

Taken together with the nearly 3 GW of uprate and expansion projects in PJM across existing AlphaGen sites, the transaction provides additional capacity to support long-term offtake agreements across a portfolio of complementary, high-quality generation assets that benefit from shared expertise and operational synergies.

Financial terms of the transaction were not disclosed.

About AlphaGen          

AlphaGen is a strategic partnership formed and majority owned by an affiliate of ArcLight Capital Partners, LLC to own and operate critical power infrastructure to provide reliable, secure, safe, and sustainable sources of power and meet the growing infrastructure needs created by the increased demand for reliable power, including electrification and data center growth. AlphaGen is led, through Alpha Generation Services, LLC, by a deeply experienced senior management team with a proven track record of strategic, operational, and commercial expertise to help create value and manage risk. For more information, please visit www.alphagen.com.

About ArcLight

ArcLight is a leading infrastructure investor which has been investing in critical electrification infrastructure since its founding in 2001. ArcLight has owned, controlled or operated ~70 GW of assets and 48,000 miles of electric and gas transmission and storage infrastructure representing more than $80 billion of enterprise value. ArcLight has a long and proven history of value-added investing across its core investment sectors including power, hydro, solar, wind, battery storage, electric transmission, natural gas transmission, storage infrastructure and digital power to support the growing need for power, reliability, security, and sustainability. ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm’s ~2,000-person asset management partner. For more information, please visit www.arclight.com. References to “ArcLight” herein refers to ArcLight Capital Partners, LLC and/or its managed investment vehicles, as the context requires.

Contact: alphagen@berlinrosen.com

SOURCE Alpha Generation, LLC

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VoltaGrid Announces $1 Billion Strategic Equity Investment from Blackstone and Halliburton to Fund Growth and Aquisition of Propell

Blackstone

Investment to Accelerate Buildout of Behind-the-Meter Power Generation Platform for AI Data Centers

HOUSTON – VoltaGrid today announced that it has signed agreements for a $1.0 billion strategic equity investment from funds managed by Blackstone Tactical Opportunities (“Blackstone” or “Tac Opps”) and Halliburton Company. The investment is composed of a $775 million primary capital raise and a $225 million secondary purchase from existing investors.

Proceeds of the capital raise will be used to accelerate deployment of VoltaGrid’s behind-the-meter power generation solutions for data centers, microgrids, and industrial applications.

In addition to the investment, VoltaGrid has signed a definitive agreement to acquire Propell Energy Technology Ltd. and its affiliates (collectively, “Propell”), a key VoltaGrid supplier.

Both transactions are subject to customary closing conditions and are expected to close in mid-2026.

Strategic Benefits of Propell Acquisition

The acquisition of Propell represents a transformative step in VoltaGrid’s evolution into a fully integrated power generation platform and offers several strategic benefits:

  • VoltaGrid and Propell have historically worked hand-in-hand on technology development. Propell is a key partner in the manufacturing of the proprietary high-inertia QPac system developed specifically for AI data centers. We expect the combined platform will accelerate our ability to bring new technologies to market and develop customized technical solutions for demanding and evolving AI data center power
  • The transaction is expected to materially reduce execution risk across VoltaGrid’s ~7.5 GW order book between now and 2030 by strengthening supply chain access and control.
  • Founded in 1978, Propell has spent decades developing a talented and innovative workforce and manufacturing capacity across multiple power systems, including reciprocating engines and turbine technologies.
  • Propell has approximately 1,000 employees in the USA and Canada that VoltaGrid will leverage to bring integrated R&D, manufacturing, integration services and turnkey after-sales service. This includes OEM-direct service, a dedicated field team, and a meaningful parts distribution function

Together, these benefits are expected to further enhance VoltaGrid’s leading product development, drive continued on-time and on-budget delivery and improve the Company’s full cycle return on capital.

As part of the transaction, VoltaGrid will immediately invest in expanding Propell’s existing facilities in Granbury, Texas by building two additional next-generation automated manufacturing plants. This is expected to grow its capabilities to ~300 MW per month of capacity through a combination of reciprocating engines and turbines.

Management and Investor Commentary

Nathan Ough, Founder and Chief Executive Officer of VoltaGrid, said: “This partnership with Blackstone is a powerful endorsement of the platform we have built and the role VoltaGrid is playing in delivering the energy infrastructure of the AI era. Blackstone’s scale and sector expertise make them an ideal partner as we accelerate the deployment of our behind-the-meter power solutions to meet unprecedented customer demand. The acquisition of Propell adds proven engineering and integration capabilities that will further extend our technology and operational leadership as we continue to scale.”

William Nicholson, Managing Director at Blackstone, said: “VoltaGrid is a highly differentiated platform addressing one of the most important infrastructure needs of the AI era: reliable, rapidly deployable power. This investment is a strong example of Tac Opps’ focus on providing flexible, scaled capital to exceptional entrepreneurs and businesses operating in Blackstone’s highest-conviction investment themes. We are excited to partner with VoltaGrid and its existing shareholders as the Company expands its platform to meet significant customer demand.”

Jeff Miller, President and CEO at Halliburton, said: “This investment reflects our shared focus on long-term solutions for the world’s most demanding power environments, and advances VoltaGrid’s ability to deliver reliable, distributed power at scale.”

Advisors
Goldman Sachs & Co. LLC acted as financial advisor to VoltaGrid. Kirkland & Ellis LLP and Sidley Austin LLP are serving as legal advisors to VoltaGrid. Morgan Stanley acted as lead financial advisor to Blackstone and Lazard also advised Blackstone. Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone. Deloitte Corporate Finance acted as financial advisor and Mogan Daniels Slager LLP as legal advisors to Propell.

About VoltaGrid
VoltaGrid is an advanced energy management and generation company delivering firm, off-grid power solutions for some of the world’s most demanding applications. Founded in 2020 and headquartered in Houston, Texas, VoltaGrid provides behind-the-meter generation, portable power, CNG fuel supply, infrastructure, and energy management services to data centers, AI infrastructure, utilities, and industrial customers across North America and beyond.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Halliburton
Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Connect with us on LinkedIn, YouTube, Instagram, and Facebook.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company, Blackstone and Halliburton’s current views with respect to, among other things, the Company’s operations and financial performance, and the benefits of the strategic equity investment and acquisition referred to herein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. These statements are not guarantees of future performance and involve a number of assumptions, risks, and uncertainties that could cause actual results to differ materially from expected results. These statements speak only as of the date of this release, and the Company, Blackstone and Halliburton undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

The important factors that could cause results to differ include but are not limited to those described under the section entitled “Risk Factors” in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in its subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Blackstone’s other subsequent filings.

Media Contacts

For VoltaGrid
Krasen Chervenkov – Krasen.Chervenkov@voltagrid.com

For Blackstone
Hallie Dewey – Halliedewey@blackstone.com

For Halliburton
For Investors: David Coleman – investors@halliburton.com – 281-871-2688
For Media Relations: Alexandra Franceschi – PR@halliburton.com – 281-871-3602

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Diversified Energy and Carlyle Agree to Acquire Camino Natural Resources Assets for Approximately $1.2 Billion

Carlyle

BIRMINGHAM, AL and NEW YORK, NY – May 6, 2026 – Diversified Energy Company (LSE: DEC; NYSE: DEC) (“Diversified”) and global investment firm Carlyle’s (NASDAQ: CG) Global Credit platform today announced that they have entered into an agreement to acquire certain oil and natural gas properties, along with related assets located in the Anadarko Basin of Oklahoma from Camino Natural Resources for approximately $1.2 billion, subject to customary adjustments. The acquisition provides 100 additional high-quality, undeveloped inventory locations in an active development area, with Diversified maintaining in excess of 450 locations in Oklahoma, pro forma for the acquisition.

The acquisition builds on the strategic partnership between Diversified and Carlyle announced in 2025, which combines Carlyle’s asset-backed finance capabilities with Diversified’s operating expertise to invest in proved developed producing (“PDP”) energy assets across the United States.

The acquisition provides additional, high-quality undeveloped inventory locations in an active development area that are contiguous with Diversified’s existing operations in Oklahoma. The transaction is expected to increase scale in the region and provide opportunities for operational efficiencies and cost synergies.

The transaction will be financed through a bespoke asset-backed securitization (“ABS”) structured and arranged by Carlyle. In connection with the acquisition, Carlyle and Diversified will establish a newly formed special purpose vehicle that will hold the producing assets and issue debt backed by the underlying cash flows. Carlyle will hold a majority ownership interest in the SPV that issues the ABS, with Diversified retaining a minority ownership stake and serving as operator of the assets and manager of the ABS.

This structure is designed to provide long-term, efficient financing aligned with the assets’ production profile, while enabling scaled investment without reliance on traditional corporate financing or equity issuance. Certain undeveloped acreage will be retained directly by Diversified, providing additional upside and development flexibility outside of the securitized structure.

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.

“We are excited to again partner with Carlyle to acquire high-quality assets that complement our existing Oklahoma operations,” said Rusty Hutson, Jr., Chief Executive Officer of Diversified Energy. “This transaction adds meaningful scale to our portfolio and reflects our continued focus on acquiring and optimizing long-life, cash-generating assets. We see significant opportunity to drive operational efficiencies and enhance long-term value through this acquisition.”

“This transaction demonstrates what’s possible when structuring expertise and long-term capital are paired with a best-in-class operator,” said Akhil Bansal, Head of Asset-Backed Finance at Carlyle. “We’re proud to work alongside Diversified to create a financing solution purpose-built for these assets, and we see this as a model for how Carlyle approaches asset-backed investing.”

This investment is being led by Carlyle’s Asset-Backed Finance (“ABF”) team within the Global Credit platform. Carlyle ABF focuses on private fixed income and asset-backed investments, leveraging the firm’s global platform to deliver tailored financing solutions to businesses, specialty finance companies, and asset owners. Carlyle ABF has deployed approximately $11 billion since 2021 and has more than $10 billion in assets under management as of December 31, 2025.

Kirkland & Ellis LLP is serving as legal advisors, and Citi & Truist Securities are serving as financial advisors to Diversified on the Acquisition. Jefferies is serving as lead financial advisor and RBC Richardson Barr is serving as co-financial advisor to Camino. Vinson and Elkins is serving as legal advisor to Camino. Latham & Watkins LLP and Paul Hastings LLP are serving as legal advisors to Carlyle.

About Diversified Energy Company 

Diversified is a leading publicly traded energy company focused on acquiring, operating, and optimizing cash-generating energy assets. Through our unique differentiated strategy, we acquire established assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Media Contacts

Diversified Energy Company 

Doug Kris

(973) 856 2757

dkris@dgoc.com

Carlyle

Prosek for Carlyle

(914) 552-4281

bhoward@prosek.com

 

Forward-Looking Statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). These forward-looking statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “opportunity” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Expected benefits of the Acquisition may not be realized and the Acquisition may not close on the terms described in this release at all. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s ability to control or estimate precisely, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 10K for the year ended December 31, 2025, filed with the United States Securities and Exchange Commission. The pro forma financial information in this announcement is for informational purposes only, is not a projection of our future financial performance, and should not be considered indicative of actual results should the Acquisition be consummated. Forward-looking statements speak only as of their date and neither the Company nor any of its directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. As a result, you are cautioned not to place undue reliance on such forward-looking statements.

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