Deal Insight
Civitas makes a major bid in the Permian for US$4.7 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 20 June, Civitas (CIVI) announced it had entered into an agreement to acquire assets from NGP Energy Capital-backed companies, Hibernia Energy and Tap Rock Resources, for a total consideration of US$4.7 billion. Once a pure-play DJ Basin operator, Civitas will now become a major Permian competitor, adding 68,000 net acres in the Delaware and Midland Basins.
Table of contents
- Executive summary
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Transaction details
- Delaware Basin – Tap Rock Resources, LLC
- Midland Basin – Hibernia Energy III, LLC
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Upstream assets
- Permian – Delaware Basin
- Permian – Midland Basin
- Deal analysis
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Upsides and risks
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Upsides
- Gained Inventory
- Spacing Opportunities
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Risks
- Higher cost of development
- Emissions Abatement
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Upsides
- 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 1Deal analysis: Table 1Deal analysis: Table 2
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Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Total deal financial structureDelaware Basin - Tap Rock leasehold and operated wells TIL since 2021Time normalized production per lateral ft by operatorMidland Basin - Hibernia leasehold and operated wells TIL since 2021Upstream assets: Table 1Pro forma inventory by basin and bench
- 2 more item(s)...
What's included
This report contains:
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