Crescent Energy, SilverBow Resources Set to Close $2.1 Billion Merger by July 30
(P&GJ) — Crescent Energy and SilverBow Resources are on track to complete their $2.1 billion merger by July 30, 2024, subject to stockholder approvals and customary closing conditions. The merger, which follows industry consolidation trends, will position Crescent as the second-largest operator in the Eagle Ford basin.
The deal involves Crescent acquiring SilverBow in an agreement where shareholders can choose between Crescent Class A common stock or cash options, with a cap on the total cash consideration. The transaction is expected to enhance Crescent's footprint in the Eagle Ford region, which is strategically close to Gulf Coast export facilities.
This acquisition comes amid SilverBow's recent challenges, including a bid from its largest shareholder, Kimmeridge Energy Management, which sought to acquire SilverBow and influence its board. Crescent’s offer, which emerged as more attractive compared to Kimmeridge’s, promises significant growth and consolidation benefits.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments