CRGY - Crescent Energy Snatches Up SilverBow Resources For A Steal
2024-05-19 12:03:57 ET
Summary
- Crescent Energy is set to acquire SilverBow Resources in a deal valued at nearly $2.1 billion, making it the second-largest producer in the Eagle Ford Basin.
- The deal offers attractive terms for Crescent Energy shareholders, with potential cost savings and increased scale.
- SilverBow Resources shareholders may not benefit really moving forward after getting a deal that seems to be significantly in Crescent Energy's favor.
Over the past year or so, there has been a flurry of merger and acquisition activity in the oil and gas exploration and production market. Most of this activity has taken place in the prolific Permian Basin. But not all of it. The latest such announcement regarding a major purchase, in fact, involves the massive Eagle Ford Basin. On May 16th, the management team of Crescent Energy Company ( CRGY ) announced that the company would be acquiring SilverBow Resources ( SBOW ) in a deal valued at nearly $2.1 billion on an enterprise value basis. Initially, shares of Crescent Energy dropped about 5% in response to the news, while shares of SilverBow Resources shot up by 13.2%....
Crescent Energy Snatches Up SilverBow Resources For A Steal