JOURNAL ARTICLE

SM, Northern Oil Partner in $2.6 Billion Utah Shale Oil Deal.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Elkin, Elizabeth; Carnevali, David 3 of 3

Abstract

SM Energy Co. and Northern Oil and Gas Inc. have agreed to acquire assets in Utah's Uinta Basin for $2.6 billion in cash. SM Energy will pay $2.04 billion for an 80% stake in the assets, while Northern Oil will pay $510 million for a 20% interest. This acquisition is part of a trend of consolidation in the oil and gas industry as companies seek to expand their drilling inventory. The deal also represents a significant exit for private equity investors, as the assets are currently owned by XCL Resources LLC, which is backed by EnCap Investments LP and Rice Investment Group. SM Energy will become the operator of the assets, which consist of approximately 37,200 net acres. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/06, pN.PAG
  • Document Type:Article
  • Subject Area:Environmental Sciences
  • Publication Date:2024
  • Accession Number:178137198
  • Copyright Statement:Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Looking to go deeper into this topic? Look for more articles on EBSCOhost.