Deal Insight
SM Energy and NOG acquire XCL Resources for US$2.55 billion
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Report summary
On June 27, SM Energy and Northern Oil and Gas announced the joint purchase of Uinta Basin producer XCL Resources. SM Energy will acquire an 80% interest in the deal assets and act as operator, Northern Oil and Gas will acquire the remaining 20% stake. The total deal consideration is US$2.55 billion. Rather than pursue M&A in its existing core areas - Permian and South Texas - SM Energy is branching out into a new basin in a move that is not without risk.
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