Latest Deals

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SM Energy Company and Civitas Resources have agreed to merge in an all-stock transaction valued at approximately $12.8bn, including net debt. The merger will create a combined entity with a portfolio of around 823,000 net acres, primarily focused on the Permian Basin. Civitas’ shareholders will receive 1.45 shares of SM Energy stock for each Civitas share held, and SM Energy will issue approximately 126.3 million shares of common stock as consideration. The transaction is expected to close in Q1 2026.

Baytex Energy has entered into a definitive purchase and sale agreement to sell its US Eagle Ford assets to an undisclosed buyer for $2.3bn (approximately CA$3.25bn) in cash. The agreement provides for a $200m deposit by the undisclosed buyer, and the transaction is expected to close in late 2025 or early 2026.

Japanese power generation company JERA, through its subsidiary JERA Americas, has signed an agreement with Williams and GEP Haynesville II to acquire full interests in the South Mansfield upstream asset in the Haynesville Shale basin in Louisiana, US. The Haynesville asset currently produces more than 500 million standard cubic feet per day, and its acquisition is valued at $1.5bn (Y228.87bn).

Antero Resources has signed multiple agreements with HG Energy II, to acquire its upstream and midstream assets. Antero will acquire the upstream assets for $2.8bn in cash, along with the assumption of HG Energy’s commodity hedge book, and its midstream assets for $1.1bn. The acquisition is expected to close in Q2 2025, with an effective date of 1 January 2026.