Today’s ESG Updates:
- Devon Energy and Coterra Energy Announce $58 billion merger: the merger is valued at $58bn and targets $1bn in annual pre-tax operational gains.
- Zelestra Signs Long-Term Power-Purchase Agreement With Meta: the new agreement expands their relationship following a previous agreement for the Jasper County Solar Project.
- Scottish Water Announces £6m Project to Improve Water Quality: the project includes a screened storm overflow and a stormwater storage tank at Bilston Burn, Midlothian, to reduce sewage debris and improve local water quality by spring 2027.
- Eni and Q8 Partner for the Construction of the Priolo Biorefinery: the new refinery is set to produce HVO and SAF, converting a loss‑making petrochemical site into lower‑carbon fuel production by 2028.
Devon Energy and Coterra Energy announce $58 billion merger
Devon Energy (NYSE: DVN) and Coterra Energy (NYSE: CTRA) will merge in an all-stock deal to create a US shale giant with a combined enterprise value of $58bn. The merger will keep the Devon Energy name, headquartered in Houston, and retain a presence in Oklahoma City. The new company targets $1bn in annual pre-tax operational gains via capital efficiency, capital allocation, and technology integration.
Coterra shareholders will receive 0.7 Devon shares per Coterra share, leaving Devon investors with roughly 54% and Coterra investors with 46% of the combined company on a fully diluted basis. CEO Clay Gaspar called it a “transformative merger” that creates “a premier shale operator” with “a diverse asset base of high-quality, long-duration inventory.” The combined group will produce more than 1.6 million boe/d (barrels of oil per day) across nearly 750,000 net acres in the Delaware Basin, and aims to strengthen investment-grade status while cutting capital costs.
The deal is expected to close in Q2 2026, subject to approvals.
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Further reading: Devon Energy and Coterra Energy to merge in $58bn all-stock deal
Zelestra signs long-term power-purchase agreement with Meta
Virginia-based Zelestra has signed a new long-term PPA (Power Purchase Agreement) with Meta (NASDAQ: META) for the 176 MWdc (Megawatts per direct current) Skull Creek Solar Plant in Texas, expanding its US clean energy partnership to seven PPAs totalling nearly 1.2 GWdc (gigawatt per direct current) of solar capacity, all of which are due online by 2028. The deal follows the start of full commercial operations at the 81 MWdc Jasper County Solar Project in Indiana.
Two additional projects entered construction in late 2025, with the remaining sites expected to start building in 2026. Zelestra’s US CEO Phil North said the partnership means “nearly 1.2 GWdc of new clean solar power will soon be operational in the US.” The Skull Creek project will support Meta’s goal to match its operations with 100% clean and renewable energy, while Zelestra grows a broader US pipeline of about 15 GW of renewable energy projects from its Arlington, Virginia headquarters.
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Further reading: Zelestra expands relationship with Meta in the US, with a new power purchase agreement for the 176 MWdc Skull Creek Solar Plant in Texas
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Scottish Water announces £6m project to improve water quality
Scottish Water is starting a £6 million Improving Urban Waters project at Bilston Park to improve water quality in the Bilston Burn, including a new powered screened storm overflow and a 750m³ storage tank, roughly a third of the size of an Olympic swimming pool, to reduce spills during heavy rain.
Senior Project Manager Ethan Gillies Denning said the existing infrastructure “has been causing issues for some time” and that, working with the Scottish Environment Protection Agency (SEPA), they will “make a significant, positive difference to the water environment and ensure water quality levels improve.” The site compound will be set up from 9 February 2026, with parking restrictions on Caerketton Avenue and around seven weeks of temporary traffic lights on the A701 from mid-March.
The scheme is part of a wider £500 million Improving Urban Waters investment and is expected to be completed by spring 2027.
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Further reading: Scottish Water announces £6m project to improve water quality
Eni and Q8 partner for the construction of the Priolo biorefinery
Eni and Q8 Italy will jointly develop a new biorefinery in Priolo, Sicily, with a capacity of 500,000 tonnes per year to produce HVO (hydrotreated vegetable oil) and SAF (sustainable aviation fuel), targeting at least 65% reductions in greenhouse gas emissions versus the fossil mix to align with EU goals.
The project draws on Eni’s Ecofining technology to convert waste, residues, and vegetable oils into biofuels. The refinery has completed engineering, with demolition, procurement, and construction contracting now underway, and authorisations are expected to conclude by the end of 2028.
It is part of a wider transformation of the Versalis Priolo site, turning “loss-making basic chemical business into new competitive and more sustainable activities,” and contributes to Eni/Enilive’s goal of 5 million tonnes/year biorefining capacity by 2030. Q8’s CEO frames the initiative as their second “megaproject with Eni in Sicily” and aligned with Kuwait Petroleum Corporation’s 2050 Energy Transition Strategy, aiming to be a leading provider of sustainable mobility solutions in Europe.
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Further readings: Eni and Q8 partner for the construction of the Priolo biorefinery
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