Civitas Resources to acquire assets in Permian basin for $4.7B

Civitas Resources announced the signing of two definitive agreements to acquire oil producing assets in the Midland and Delaware Basins of west Texas and New Mexico. The agreements were signed with affiliates of Hibernia Energy III and Tap Rock Resources, which are respective portfolio companies of funds managed by NGP Energy Capital Management, for total consideration of approximately $4.7B, subject to customary purchase price adjustments. The transactions will fundamentally transform Civitas into a stronger, more balanced, and sustainable enterprise with a deep inventory of high-return drilling opportunities in the heart of the Permian and DJ basins. Both transactions are subject to customary terms and conditions and are expected to close in the third quarter of 2023 with effective dates of July 1, 2023.