SM Energy nears XCL Resources acquisition at $3bn valuation [Yahoo! Finance]
SM Energy Company (SM)
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Source: Yahoo! Finance
According to sources familiar with the matter, a sale that could be disclosed soon would put XCL's value at around $3bn. However, the final decision is still pending and XCL's backers are keeping their options open. The acquisition would see SM Energy, an independent exploration and production company, expand into the Uinta Basin, known for its unique waxy crude oil. XCL Resources, supported by EnCap Investments and Rice Investment Group, holds around 45,000 net acres in the area and produces an estimated 55,000 barrels of oil equivalent per day. The company also has water transportation infrastructure and is developing a sand mine for fracking. This potential deal is part of a broader trend of mergers and acquisitions in the oil and gas industry, driven by companies seeking to scale up and renew their drilling inventories. The sale process for XCL Resources, managed by Jefferies Financial Group, commenced in early March. The acquisition would complement SM Energy's exi
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