Stone Ridge Energy (SRE), the energy platform of financial services firm Stone Ridge Holdings Group, said it entered into a definitive agreement to acquire a major portfolio of Oklahoma energy assets from ConocoPhillips for about $1.3 billion.
According to ConocoPhillips’ most recent earnings release, the agreement was for Lower 48 assets in the Anadarko Basin, and the transaction is expected to close at the beginning of the fourth quarter.
Stone Ridge said in a news release that the acquisition is SRE’s second one in 2025, after purchasing over $1 billion of energy assets in Colorado, bringing SRE’s investments in upstream energy assets to around $9 billion since the platform’s launch in 2021.
SRE has over 11 gigawatts (GW) of natural gas energy supply for increasing energy demand in bitcoin mining, AI data centers, and LNG-dependent countries, according to the release.
Stone Ridge said that its controlled affiliate NYDIG pioneered technology to facilitate profitable consumption of otherwise stranded energy throughout the life cycle of a natural gas well, “giving SRE a significant competitive advantage”.
“Powered by a uniquely non-fiat focused energy platform, SRE’s investing and operational advantages are accelerating, transforming the energy landscape,” Stone Ridge founder and CEO Ross Stevens said. “This acquisition marks a key milestone in our commitment to safeguard sound money while utilizing innovative solutions to efficiently help meet soaring global energy demand”.
Acquistion of WAM and Crusoe’s DFM Technology
Earlier in the year, SRE acquired Wincoram Asset Management (WAM), a capital solutions provider to the physical and financial energy markets.
The acquisition marks a milestone in the five-year joint venture between the two firms, in which they invested $7 billion in more than 10 GW of energy assets, Stone Ridge said in an earlier statement.
“After five years of extraordinary partnership, we’re excited to fully join forces with the Stone Ridge platform. This integration brings together unmatched capabilities across financial innovation, energy operations, and asset management – positioning us to deliver even greater value to our investors, partners, and the broader energy ecosystem,” Michael Bertuccio, managing partner at WAM, said.
NYDIG, a Stone Ridge bitcoin, power, and financial services company, has also acquired Crusoe Energy Systems’ bitcoin mining operations, including its Digital Flare Mitigation (DFM) technology. DFM captures natural gas that would otherwise have been flared and converts it into electricity to power advanced, modular data centers co-located onsite, according to the statement.
Crusoe initially leveraged these DFM-powered mobile data centers for bitcoin mining to monetize stranded gas, before expanding to running AI workloads on graphical processing unit (GPU) clusters, the company said in a separate statement. Since launching the technology seven years ago, Crusoe’s DFM business has mitigated 2.7 million metric tons of greenhouse gas emissions and prevented nearly 22 billion cubic feet of natural gas from being flared, “saving the equivalent of taking nearly 630,000 cars off the road for a year,” the company said.
Stone Ridge said it plans to expand DFM to power mining with previously non-monetized, end-of-well-life stranded gas in the approximately 17,000 SRE well portfolio.
Stone Ridge describes itself as a financial services firm focused on alternative asset management, reinsurance, and bitcoin.
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