North American natural resources mergers and acquisitions reached a record $330.5 billion in the first half of 2026, largely fueled by the surging electricity demand from artificial intelligence and data centers. Dealmakers anticipate continued acquisition activity in utilities, natural gas, and energy infrastructure. Utility and power transactions alone accounted for nearly 70% of this record, totaling $224.9 billion.
A significant contributor to this record was Dominion Energy's pending $118.8 billion acquisition of NextEra Energy, which represented over half of the utility sector's deal value and ranked among the five largest global deals announced in H1 2026. This trend highlights the critical link between AI demand and energy infrastructure. For instance, Japan's Mitsubishi cited increasing electricity needs from AI and data centers as a key reason behind its $7.5 billion acquisition of shale gas producer Aethon Energy.
While overshadowed by the utility sector, oil and gas M&A also saw its highest first-half deal volume since H1 2024. Although reserve replacement remains a primary driver, the sector is increasingly benefiting from the AI-driven power boom, with growing data center electricity demand supporting natural gas consumption. This is boosting strategic interest in gas-focused assets. For example, Gunvor is in talks to acquire U.S. natural gas-producing assets from Silver Hill Energy Partners for between $1.2 billion and $1.5 billion, aiming to expand its integrated shale gas production and marketing business, particularly in the Haynesville basin, which is attractive due to its proximity to LNG terminals and expected demand from AI data centers.
Private equity investment in oil, gas, and coal also saw a significant surge, surpassing full-year 2025 totals by July 2026. Total investments reached $14.7 billion through July, compared to $8.24 billion for the full year in 2025. This was largely propelled by KKR and Energy Capital Partners' $9.73 billion acquisition of DCC Energy. Even excluding this large deal, transaction value reached nearly $5 billion through July, up from $2.3 billion in the same period last year. Europe accounted for the majority of this deal value at $10.1 billion, or 68.4%.
Buyers are demonstrating a willingness to pay higher prices for assets that strategically strengthen their position, especially those tied to power demand, critical minerals, and renewable generation platforms. Natural gas remains a central focus, with buyers prioritizing high-quality inventory, gas-weighted assets, and multi-basin portfolios, given the growth in LNG exports and power-sector consumption. This concentration of capital on strategic assets, rather than broad-based consolidation, indicates a more focused market despite a decline in overall deal volume.
