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
![](/media/2035/pgj-enews-graphic-300x1404.jpg)
- Williams' $1 Billion Gas Pipeline Blocked by U.S. Appeals Court, Derailing Five-State Project
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- U.S. Buys Nearly 5 Million Barrels of Oil for Emergency Stockpile
- Williams Begins Louisiana Pipeline Construction Despite Ongoing Legal Dispute with Energy Transfer
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- U.S. to Buy 4.5 Million Barrels of Oil to Replenish Strategic Petroleum Reserve
- Kurdish Oil Smuggling to Iran Flourishes
- U.S. Court Overturns Alaska Oil Lease Sale, Halting Energy Development
- Second Gas Pipeline Rupture in Texas’ Reeves County Raises Environmental Concerns
- Mid-Year Global Forecast: Midstream Responding to Demand from LNG Projects
Comments