Deal Insight
Civitas bolts-on in the Permian for US$2.15 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
On 4 October, Civitas announced it had entered into an agreement to acquire oil-producing assets from Vencer Energy, a Vitol-backed company, for a total consideration of US$2.1 billion. Civitas will gain approximately 44,000 net acres in the Midland Basin. The asset currently produces 62,000 boe/d. This is the third Permian acquisition for Civitas this year. The first two deals were announced barely four months ago on 20 June 2023: Tap Rock Resources for US$2.45 billion in the Delaware and Hibernia Energy III for US$2.25 billion in the Midland.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
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Upsides and risks
- Upsides
- Risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Midland Basin: Civitas acquired assets and operated wells TIL since 2021Average Wolfcamp A type well oil production over asset areas
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Average type well oil production for Civitas and acquired producing assetsUpstream assets: Table 1Deal analysis: Table 1Deal analysis: Table 2Deal analysis: Table 3Remaining PUD inventory by acquired asset/bench & Incremental PUD inventoryOil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Upsides and risks: Table 1
What's included
This report contains:
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