Crescent Energy has agreed to acquire assets in Texas’s Eagle Ford shale play from Ridgemar Energy for an upfront consideration of USD 905 million, Crescent announced on Wednesday.
The assets, which have a combined production of around 20,000 boepd, include 80,000 net acres (around 323.8 square kilometres) across 140 gross locations in the Eagle Ford Basin.
The cash-and-stock deal is expected to close in Q1 2025 and entails an additional USD 170 million payment contingent on future oil prices.
The deal, the latest in a wave of consolidation in the US oil patches, follows Crescent’s USD 2.1-billion purchase of SilverBow Resources in May, which made it the second-largest operator in Eagle Ford.
Crescent, a Houston-headquartered energy player, has operations focused on Texas and the US Rocky Mountain region and has a longstanding presence in the Eagle Ford shale play.
The company’s 2024 estimated production is 250,000 boepd.
Ridgemar Energy, also a Houston-headquartered upstream player, has operations focused on Eagle Ford.
“With accelerated synergies captured from the integration of SilverBow and our recent bolt-on acquisition, our full team is ready and eager to add the Ridgemar assets to our core operating footprint in the Eagle Ford,” Crescent CEO David Rockecharlie said.
Source: from theenergyyear.com