THE TEXAS BRIEF
Good morning, Texans!
Deal flow and capex signals across Texas leaned big this week. Constellation Energy closed its $26.6B acquisition of Calpine, reshaping the state’s power landscape as operators continue hunting firm capacity. In parallel, Chevron and Quantum are reportedly lining up a $22B bid for international assets, while Exxon flagged up to a $1.2B upstream profit headwind from weaker oil prices.
Central Texas pushed ahead on throughput and industrial growth, with Austin’s $5B airport expansion locking in airline leases and Pegatron securing additional incentives for its first U.S. manufacturing plant in Georgetown. In finance, Comerica began layoff notifications tied to its acquisition by Fifth Third
TEXAS BUSINESS MOVES
1. Chevron and Quantum reportedly eye $22B bid for international assets
Media reports say Houston-based Chevron and Quantum may team up to pursue a multibillion-dollar acquisition of international oil and gas assets made available after U.S. sanctions hit the Russian owner. → Link
Why it matters: If it advances, this is a scale move that can reallocate capital, leadership bandwidth, and supplier demand across Houston’s upstream services ecosystem.
2. Austin airport expansion sharpens with airline lease agreements for $5B buildout
Austin-Bergstrom’s expansion is coming into focus after the airport and major airlines struck new lease agreements, setting the stage for 32 additional gates. → Link
Why it matters: More gates and clearer airline footprints translate into real runway for business travel, air cargo connectivity, and growth planning for Austin operators.
3. Comerica begins layoffs tied to Fifth Third acquisition
Following shareholder approval of the buyout, Comerica notified the state of planned layoffs at a major office as integration work begins. → Link
Why it matters: Consolidation in regional banking can change credit relationships, decision speed, and treasury support for middle-market companies across Texas.
4. Pegatron secures additional incentives for Georgetown manufacturing site
Pegatron won more performance-based incentives for its 169,000-square-foot Georgetown facility, its first U.S. manufacturing plant. → Link
Why it matters: Incentives-backed manufacturing ramps create durable demand for local vendors, skilled labor, and logistics capacity in the Austin metro.
5. Leslie Doggett acquires St. Regis Houston, plans major renovation
Leslie Doggett acquired the St. Regis Houston near River Oaks and outlined plans for a multimillion-dollar renovation. → Link
Why it matters: Hospitality reinvestment at this scale is a signal on corporate travel confidence and drives near-term construction and facilities spend.
6. Good Culture lands majority investment at reported $500M valuation
Austin-based Good Culture secured a majority investment reportedly valuing the company at more than $500M. → Link
Why it matters: A large CPG check signals investor appetite for scaled consumer brands and can pull more co-manufacturing, distribution, and hiring into Texas.
Secondary Signals (Still Worth Knowing)
Constellation completed its $26.6B acquisition of Calpine, one of Houston’s largest private companies. → Link
Exxon Mobil expects up to a $1.2B hit to upstream profits from falling oil prices while maintaining record production volumes. → Link
A Panhandle businessman is pushing to take over the region’s electric utility, citing wildfire protection concerns. → Link
A Colorado bank closed a $377M buyout of Dallas-based Vista Bank, keeping the Vista name in market. → Link
Skyward Specialty Insurance completed a $555M acquisition and unveiled a new holding company brand. → Link
Houston City Council approved $30M in stormwater funding to demolish derelict buildings as part of drainage mitigation efforts. → Link
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— Robert
Editor, Texas Operator