CIVI - Civitas Resources Buys Oil Producing Assets In Midland Basin For $2.1B Raises FY24 Outlook & More | Benzinga
Civitas Resources Inc (NYSE: CIVI) penned a deal with Vencer Energy to acquire oil-producing assets in the Midland Basin of west Texas for around $2.1 billion.
The acquisition is priced at 2.8x 2024 estimated adjusted EBITDAX at $80/Bbl NYMEX WTI and $3.50/MMBtu NYMEX Henry Hub.
The buyout price comprises the issuance of about 7.3 million shares to Vencer and $1.55 billion in cash. Of this, $1 billion will be due at closing, and the remaining $550 million will be paid on January 3, 2025.
Civitas also has the option to accelerate the deferred cash payment to transaction closing, which will decrease the total purchase price by $50 million to $2.05 billion.
The acquisition will add around 44,000 net acres in the ...