SM, Northern Oil Partner in $2.6 Billion Utah Shale Oil Deal [Financial Post (Toronto, Ontario, Canada)]
SM Energy Company (SM)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — SM Energy Co. and Northern Oil and Gas Inc., two US shale drillers, agreed to acquire assets in Utah's Uinta Basin for about $2.6 billion in cash, the latest in a string of oil and gas acquisitions as operators look to scale up. SM said Thursday it will pay a net $2.04 billion for an 80% stake in the assets, which are currently owned by XCL Resources LLC. Northern Oil will pay $510 million for a 20% interest. Article content The takeover comes as oil and gas as cash-flush US fossil fuel companies continue to consolidate while also seeking to refresh their drilling inventory. The latest transaction also marks another big exit by private equity investors from an energy company. XCL is backed by EnCap Investments LP and Rice Investment Group. A portfolio company of EnCap also agreed earlier this month to sell assets in the Permian Basin to Matado
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News
- SM Energy and Northern Oil and Gas partner to acquire XCL Resources' assets for $2.55bn [Yahoo! Finance]Yahoo! Finance
- SM Energy (SM) in Advanced Talks to Acquire XCL Resources [Yahoo! Finance]Yahoo! Finance
- Should Value Investors Buy SM Energy (SM) Stock? [Yahoo! Finance]Yahoo! Finance
- SM Energy (NYSE: SM) had its "overweight" rating re-affirmed by analysts at Stephens. They now have a $63.00 price target on the stock.MarketBeat
- SM Energy nears XCL Resources acquisition at $3bn valuation [Yahoo! Finance]Yahoo! Finance
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- 6/21/24 - Form 4
- 6/21/24 - Form 4
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