Business World Sees Major Moves in Energy, Tech, and Entertainment
Several significant business developments emerged on February 2, 2026, spanning the energy, technology, and entertainment sectors. These included a major merger in the oil and gas industry, strategic investments in artificial intelligence infrastructure, and a key acquisition in the Indian entertainment market.
Devon Energy announced it would acquire Coterra Energy for nearly $26 billion in an all-stock merger, creating a domestic oil and gas powerhouse. According to Fortune, the combined entity will trail only Exxon Mobil, Chevron, and ConocoPhillips in production volumes. The deal marks a resurgence in energy sector consolidation after a slowdown last year. Analysts cited stabilizing crude oil prices as a factor in the renewed merger activity. The merger will create the largest oil and gas producer in the Delaware Basin, a part of the Permian Basin in west Texas and south New Mexico.
In the technology sector, Oracle revealed plans to raise up to $50 billion in debt and equity during the 2026 calendar year to fund additional data center capacity for its cloud customers, Fortune reported. The market initially reacted favorably, with Oracle shares rising about 2% in early trading. Investors viewed the announcement as confirmation of strong demand for AI infrastructure. Oracle's social media team highlighted the Nvidia-OpenAI deal, further emphasizing the company's focus on AI. However, the stock closed lower after Oracle reminded investors who that infrastructure is for.
Palantir Technologies reported record quarterly results, sending its shares surging nearly 8% in late trading, according to Fortune. CEO Alex Karp, in an earnings call, described the company's performance as one of the "truly iconic performances in the history of corporate performance or technology." Karp proclaimed, "We are an n of 1 in the artificial intelligence software market." The company's strong growth, increased margins, and positive revenue outlook contributed to the positive market reaction.
In the entertainment industry, Reliance Strategic Business Ventures Limited acquired a 50.1% stake in Sikhya Entertainment, the Indian production house behind Academy Award-winning documentaries "Period. End of Sentence." and "The Elephant Whisperers," Variety reported. The deal unites Jio Studios, India's largest film studio, with a production company known for its critically acclaimed and socially relevant content.
Meanwhile, in other news, Vox reported that the Justice Department released approximately 3 million new files related to Jeffrey Epstein. The release is the latest in an ongoing effort to shed light on the late financier's activities.
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