Name: Civitas bolts-on in the Permian for US$2.15 billion
Brand: Wood Mackenzie
SKU: 159447
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Deal Insight 24 October 2023

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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.

Executive summary
Transaction details
Upstream assets
Deal analysis
Upsides and risks
- Upsides
- Risks
Strategic rationale
Oil & gas pricing and assumptions

Tables and charts

This report includes the following images and tables:

Executive summary: Table 1Midland Basin: Civitas acquired assets and operated wells TIL since 2021Average Wolfcamp A type well oil production over asset areas

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