SUNYA SCOOP

$9 billion fuel merger

May 6, 2025

Sunoco to acquire Parkland for $9.1B, forming SUNCorp

Deal expands footprint and aims to grow low-carbon fuel production in Canada.

  • Transaction includes cash/stock options; 25% premium to Parkland shareholders

  • Expected to deliver 10% increase in DCF/unit and $250M in synergies by Year 3

  • Canadian HQ to remain in Calgary; Burnaby Refinery to receive fresh investment

  • Closing expected H2 2025; financed in part by $2.65B bridge loan

Chestnut Carbon plants 17M trees across 30K acres, inks 8M-tonne CO₂ deal with Microsoft

Largest U.S. afforestation project on Gold Standard registry advances FSC-verified reforestation.

  • First U.S. project verified under FSC’s Verified Impact Biodiversity Program

  • Carbon credits sold to major buyers including Microsoft (8M tonnes over 25 years)

  • Goal: reforest hundreds of thousands of acres by 2030

  • Founded in 2022 with backing from Kimmeridge

VEERUM raises CA$12M Series B to scale industrial visual operations platform

Backed by Veriten and Emerson Ventures, VEERUM targets 90%+ reality capture adoption in asset-heavy industries.

  • Focus on energy, mining, and infrastructure sectors

  • Aims to reduce risk of unplanned downtime and improve decision-making

  • Digital twin market projected to hit $150B by 2032

Omnidian raises $87M+ to scale renewable energy performance platform

Backed by B Capital and Citi Impact Fund, Omnidian tripled revenue 2022–2024.

  • Funding supports geographic expansion, new products, and AI-driven asset reliability

  • Recent APAC acquisition supports international growth

Exterra raises CA$20M to turn mine tailings into carbon-neutral minerals

Hub I plant in Quebec to process 400K tonnes/year of asbestos waste by 2027.

  • Co-led by Clean Energy Ventures and BDC Capital

  • Tech produces MgO, nickel, silica while mineralizing CO₂

  • Pre-purchase agreement signed with Frontier Climate

Power Sustainable raises $330M+ for mid-market climate equity strategy

Fund to target resource efficiency and resilience in key sectors.

  • Backed by Canada Life, EDC, FTQ, Power Corp

  • Focus: energy, industrials, transport, and built environment

  • Led by Karine Khatcherian & Martin Aares (20+ yrs climate PE experience)

Ørsted sells 24.5% of West of Duddon Sands to Schroders Greencoat for £456M

Farm-down strengthens Ørsted’s balance sheet while retaining operator role.

  • 389 MW UK offshore wind farm; operational since 2014

  • Ørsted retains 25.5% and continues as O&M provider

  • Part of Ørsted’s broader 8 GW+ offshore wind construction pipeline

  • Schroders Greencoat now manages 7 GW+ of renewable capacity

ReNew lands $100M from BII to scale India’s solar manufacturing

Funds to support 4 GW TOPCon cell expansion in Dholera.

  • Total ReNew capacity: 6.4 GW across modules and cells

  • 2,000 new jobs to be created; part of India’s 500 GW by 2030 roadmap

  • BII gains minority stake in ReNew Photovoltaics

Thunderhead, Harbert partner to deploy 1.5 GW of data center power

Behind-the-meter systems to deliver ultra-reliable power in 18–24 months.

  • Alternative to 5+ year grid interconnection delays

  • Combines gas gen + optional renewables; zero single points of failure

  • Addresses surging AI and cloud computing power demands

Williams announces CEO transition; Chad Zamarin to succeed Alan Armstrong in July

Leadership shift comes as Williams deepens focus on infrastructure expansion and energy transition.

  • Alan Armstrong to become Executive Chairman; Zamarin elevated to CEO

  • Zamarin joined in 2017 and led major strategic development and innovation initiatives

  • Armstrong leaves a legacy of transforming Williams into a U.S. gas giant handling 1/3 of total U.S. natural gas volumes

Diamondback shifts strategy to FCF, trims 2025 capex by $400M amid oil price pressure

U.S. shale giant braces for slower growth phase, targets shareholder value and balance sheet strength.

  • Revised capex: $3.4B–$3.8B; oil production guided to 480–495 MBO/d (-1%)

  • Emphasizes capital efficiency over volume; continues debt reduction and share buybacks

  • Highlights recent M&A (Double Eagle, Drop Down), record drilling efficiency

  • CEO to transition to Executive Chairman; full-year free cash flow remains strong despite macro volatility

Coterra lowers Permian activity, boosts gas production; Q1 net income hits $516M

FCF guidance raised to $2.1B as gas market drives strategy shift.

  • Cuts Permian rigs from 10 to 7; adds 2 rigs in Marcellus

  • Q1 FCF: $663M; $0.22/share dividend declared

  • Full-year capex lowered to $2.0–$2.3B

  • Shareholder returns of $192M in Q1; oil guidance unchanged

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.