Crescent Energy has entered into a definitive agreement to acquire assets from an unnamed private Eagle Ford operator. This acquisition (dark gray areas inside dashed red box in map below) will complement Crescent’s existing Eagle Ford footprint (blue areas) and add low-decline oil production. The deal bolts on about 13,000 acres and adds approximately 4 Mboe/d of production, with 85% of that being oil (much higher than Crescent’s 39% oil prior to the acquisition). The $168 million cash transaction is expected to close this month.
Featured Articles
- Blog
We Could Be So Good Together - Push for Scale, Efficiency Drives More Consolidation in the Eagle Ford
Permian-focused M&A activity may grab all the headlines, but don’t forget about the Eagle Ford. Over the past couple of years, a steady stream of big-dollar deals have been announced in the South Texas shale play, most of them tied to efforts by growth-oriented E&Ps to increase their scale, improve their operational efficiency and expand their inventory of top-tier drilling sites. As we’ll discuss in today’s RBN blog, the dealmaking has continued this spring, most recently with Crescent Energy’s announcement that it will be acquiring SilverBow Resources.
- Blog
What I Like About Texas - E&P Consolidation Continues in the Permian and Eagle Ford
The headwinds facing producers in the Permian, the Eagle Ford and other shale plays are trimming the valuations of oil and gas assets and making it easier for deep-pocketed acquirers and private-equity-backed sellers to reach deals. For proof, look no further than the ongoing frenzy of M&A activity in South and West Texas, where large and medium-size E&Ps alike continue to gobble up smaller producers with complementary assets. Their goals are one and the same: increase scale, improve efficiency, cut costs and build inventory in highly productive plays with easy access to Gulf Coast refineries, fractionation plants, and export docks for oil, LNG and NGLs. In today’s RBN blog, we discuss the most significant deals in the Lone Star State so far this spring and what they mean for the acquiring companies.
- Blog
She Ran Calling Wildfire - Acquisitions Propel WildFire Energy to a Leading Position in the Eagle Ford
No doubt about it, most of the headline-grabbing oil and gas M&A activity lately has involved large, publicly owned producers gobbling up other good-sized E&Ps, lock, stock and barrel. But there are other ways to increase scale and improve operational efficiency, as evidenced by privately held WildFire Energy’s bolt-on acquisition frenzy in the relatively sleepy northeastern Eagle Ford, aka the East Eagle Ford. In less than three years, with one bolt-on acquisition after another, WildFire — named in anticipation of the company’s aggressive expansion strategy — has morphed from a small player in the often-overlooked area into one of the largest producers there, with a laser focus on maximizing returns to its management and private-equity owners. In today’s RBN blog, we’ll look at the E&P and its rapid rise.
