NuVista Energy Acquisition & Valuation

Gulfport Energy Corp is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition, and production of natural gas, crude oil, and natural gas liquids, with assets predominantly located in the Appalachia and Anadarko basins in the United States. Its principal properties are located in eastern Ohio, targeting the Utica and Marcellus, and in central Oklahoma, targeting the SCOOP Woodford and Springer formations.

Odfjell Drilling Ltd is an integrated offshore drilling and oil service company. The company and its subsidiaries operate mobile offshore drilling units. It operates in the segments Own Fleet, External Fleet, and Corporate/other. The Own Fleet segment operates mobile offshore drilling units owned by Odfjell Drilling. The External Fleet segment offers management services to other owners of drilling units; mainly operational management, management of regulatory requirements, marketing, contract negotiations, client relations, preparations for the operation, and mobilization. The majority of revenue is generated from the Own Fleet segment. Geographically, It operates in Norway.

Baytex Energy Corp is an oil and gas company. Geographically, the group operates in Canada and the United States. The company derives a majority of revenue from Canada. Its Canada segment includes the exploration, development, and production of crude oil and natural gas in Western Canada.

Talos Energy is an American independent oil and gas exploration and production company headquartered in Houston, Texas, focused on the offshore US Gulf of Mexico and shallow waters off Mexico. Timothy Duncan founded it in 2012 with a $600 million equity commitment from Apollo Global Management and Riverstone Holdings, and it became the NYSE-listed Talos Energy Inc. (ticker TALO) through its May 2018 combination with Stone Energy. Its US operations centre on deepwater fields in the Green Canyon and Mississippi Canyon areas plus the Gulf of Mexico shelf, and in Mexico it holds Block 7, which contains the Zama discovery it made in 2017 with Premier Oil and Sierra Oil & Gas. Talos earns revenue by selling oil, natural gas and natural gas liquids to purchasers, and also runs a carbon capture and sequestration segment. It grew through acquisitions including EnVen Energy for $1.1 billion in 2023 and QuarterNorth Energy, completed in March 2024. In 2025 it produced 94.6 thousand barrels of oil equivalent per day and reported total revenue of $1.78 billion, with about 700 employees. Paul Goodfellow became president and chief executive on March 1, 2025.

Black Stone Minerals LP is an oil and natural gas mineral company. It owns oil and natural gas mineral interests, which makes up the majority of its asset base. Its business is actively managing an existing portfolio of mineral and royalty assets to maximize its value and expanding asset base through acquisitions of additional mineral and royalty interests. The company owns mineral interests in approximately 16.9 million gross acres.

Northern Oil & Gas Inc is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties. Its principal business is crude oil and natural gas exploration, development, and production. The company’s oil and natural gas sales come from three geographic areas in the United States: the Williston Basin (North Dakota and Montana), the Permian Basin (New Mexico and Texas), the Uinta Basin, and the Appalachian Basin (Pennsylvania and Ohio).

Viva Energy Australia is an integrated fuel supplier created in 2014 from Shell's Australian downstream business. It operates the Geelong refinery and supplies fuels, lubricants and related products through terminals, pipelines, wholesale channels and a nationwide service-station network. The company serves motorists, aviation customers, miners, transport fleets, industrial businesses and independent retailers. Revenue is generated through refining margins, wholesale fuel distribution and retail product sales. Vitol and Abu Dhabi Investment Council acquired the business through Vitol Investment Partnership and introduced the Viva Energy name at completion. The company later listed in Australia, while the investment vehicle continued to hold and then reduce a substantial shareholding through market transactions.

Alliance Resource Partners LP operates as a coal mining company based in the United States. It has four segments: Illinois Basin, Appalachia, Oil & Gas Royalties and Coal Royalties. The Illinois Basin comprises underground mining complexes in Illinois, Indiana, Kentucky, Maryland and West Virginia. The Appalachia segment comprises the Mettiki mining complex, the Tunnel Ridge mining complex and the MC Mining complex. The Oil & Gas Royalties has oil & gas mineral interests held by AR Midland and AllDale I & II and includes Alliance Minerals' equity interests in both AllDale III and Cavalier Minerals. The Coal Royalties has included coal mineral reserves and resources owned or leased by Alliance Resource Properties.

Chennai Petroleum refines crude oil into petrol, diesel, naphtha and other products at plants in Manali and Nagapattinam. It is a subsidiary of Indian Oil and sells to oil marketers and industry. Headquartered in Chennai.

Paramount Resources Ltd is an independent, publicly traded Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays. The Company's principal properties are located in Alberta and British Columbia.

Mangalore Refinery and Petrochemicals Ltd are engaged in the manufacturing of Refined Petroleum Products. It generates revenue from High speed Diesel (HSD) and Motor Spirit (MS). Geographically, it derives a majority of revenue from India. It has Petroleum Products as single reportable segment.

Par Pacific Holdings Inc is an oil and gas company that manages and maintains interests in energy and infrastructure businesses. The company has three reportable segments: Refining. Under its refining business, the company produces ultra-low-sulfur diesel, gasoline, jet fuel, marine fuel, LSFO, and other associated refined products. Its Retail includes operating licenses out brands to serve the retail consumer. Through the Logistics segment, crude shipments are delivered to the refineries, in addition to finished products that are exported. It generates maximum revenue from the Refining segment.

DNO ASA is an oil and gas exploration and production company. Its producing assets are located across the North Sea, which generates the majority of the revenue, Kurdistan, and West Africa. The company holds working interests in both onshore and offshore fields and operates as either the sole operator or partner in many of its facilities. The company generates a majority of its revenue from the sale of oil and the rest from tariff income, the sale of gas, and natural gas liquids.

Calumet Inc is a producer of specialty products, including base oils, specialty oils, solvents, esters, and waxes, as well as a variety of fuel and fuel-related products, including asphalt and heavy fuel oils. The company manufactures, formulates, and markets a variety of specialty branded products to customers in various consumer-facing and industrial markets. Its segments include: Specialty Products and Solutions; Montana/Renewables; Performance Brands; and Corporate. The company generates maximum revenue from Fuels, asphalt and other by-products.

Freeport LNG is a Texas company that owns and operates a liquefied natural gas export terminal on Quintana Island near Freeport. The site began as an import terminal and was expanded with a three-train liquefaction plant, which started exporting in 2019 and has a capacity of about 15 million tonnes a year. Most of that capacity is sold under long-term tolling agreements to buyers including Osaka Gas, JERA, BP, TotalEnergies and SK E&S. The company was founded in 2002 by Michael Smith, who remains chairman, chief executive and majority shareholder. Infrastructure investors have funded the build-out: IFM Investors committed about 1.3 billion dollars of equity for the second train in 2013, Global Infrastructure Partners bought a quarter of the holding company in 2014, and JERA bought that stake in 2021 for 2.5 billion dollars. A fourth train is fully permitted.

Cepsa is a Spanish integrated energy company founded in 1929 and renamed Moeve in 2024. Its historical operations include oil refining, fuel marketing, service stations, lubricants, aviation and marine fuels, petrochemicals and selected upstream interests. The group serves industrial customers, transport operators, distributors and motorists, generating revenue from commodity production, refining margins, chemical sales and retail energy products. It operates major industrial complexes in Andalusia and a broad Iberian commercial network. More recent investment has shifted toward renewable fuels, electric mobility, green hydrogen and other lower-carbon energy infrastructure. Mubadala has controlled the group since acquiring the former IPIC interest, while Carlyle held a substantial minority stake during part of the covered period.

Yantai Wanhua Petrochemical is a wholly owned subsidiary of Wanhua Chemical Group that operates a cluster of petrochemical production units in Yantai, China. The facility produces high-value chemicals including propylene oxide, tert-butyl alcohol, acrylic acid, and butyl acrylate, supplied in part through long-term feedstock agreements such as a supply arrangement with Kuwait Petroleum. In 2025, Kuwait's Petrochemical Industries Company acquired a 25% stake in the business, its largest investment in China's petrochemical sector to date.

Antora Energy is a Sunnyvale-based provider of zero-carbon heat and electricity for heavy industries such as cement, steel, and chemicals. Its thermal batteries capture excess renewable energy from solar and wind sources to heat carbon blocks to glowing temperatures, delivering on-demand industrial process heat surpassing fossil fuel reliability. Founded in 2018, the company partners with utilities and manufacturers across North America to deploy modular systems that integrate with existing infrastructure for decarbonization.