Civitas Resources said on Tuesday it would acquire oil and gas operations in the Permian basin managed by private equity firm NGP Energy Capital Management for $4.7 billion, expanding its operations into the lucrative shale patch.
An oil production site run by Civitas Resources is seen near Broomfield, Colorado, U.S, December 2, 2021. REUTERS/Liz Hamptonsaid on Tuesday it would acquire oil and gas operations in the Permian basin managed by private equity firm NGP Energy Capital Management for $4.7 billion, expanding its operations into the lucrative shale patch.
Under the terms, Civitas has agreed to purchase a portion of Tap Rock Resources' assets and all of Hibernia Energy III's operations. It will pay cash, using a mix of existing reserves and debt, and issue 13.5 million shares to NGP, the statement said. "We have great confidence in this team and look forward to watching them execute on this transformative transaction," Kimmeridge Managing Partner Ben Dell said in a statement to Reuters.
Denver-based Civitas said the cash the new assets generate would allow it to boost its dividend payments in 2024 by around 20%.
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