Shareholders for Crescent Energy and SilverBow Resources voted to approve a $2.1 billion tie-up between the Eagle Ford operators.
Both companies reported receiving overwhelming shareholder support for the combination during the respective special stockholder meetings held July 29.
The merger is expected to close on July 30.
Based on preliminary vote totals, approximately 87.94% of Crescent’s total outstanding common stock voted in favor of the merger; over 99% of shareholders that cast votes voted in favor of the deal, Crescent said.
“This decisive vote underscores strong support for the complementary transaction, which creates one of the largest operators in the Eagle Ford with high-quality and long-life assets, an attractive, returns-driven financial framework and strong balance sheet, led by a management team and board with significant operating and investing expertise,” said Crescent CEO David Rockecharlie in a release.
Meanwhile, SilverBow stockholders voted to approve the deal with 99% of the votes cast in favor of the proposed combination.
“We appreciate the overwhelming support of our stockholders for this exciting transaction with Crescent, which delivers an attractive premium to our stockholders and will create a premier Eagle Ford oil and gas organization,” said SilverBow CEO Sean Woolverton.
The combination of Crescent and SilverBow will create one of the largest public E&Ps in the Eagle Ford Shale.
SilverBow has around 220,000 net acres in the western Eagle Ford. The company’s production averaged 91,400 boe/d (46% oil/liquids) during the first quarter.
Crescent has approximately 231,000 net acres across its Eagle Ford portfolio. Net Eagle Ford volumes reached nearly 16.2 MMboe in 2023, or an average of 44,358 boe/d.
The combination was cleared by the U.S. Federal Trade Commission in early July.
RELATED
Could Crescent, SilverBow Buy More in South Texas After $2.1B Deal?
Recommended Reading
Dividends Declared in the Week of July 22
2024-07-25 - Second quarter earnings are underway, and companies are declaring dividends.
Permian Surface-owner LandBridge to Raise up to $367MM in IPO
2024-06-17 - Houston-based LandBridge holds some 220,000 surface acres in the Delaware Basin.
Dividends Declared in the Week of Aug. 19
2024-08-23 - As second-quarter earnings wrap up, here is a selection of dividends declared in the energy industry.
TIPRO Appoints T. Grant Johnson to Chairman
2024-08-21 - Johnson, who currently serves as the president of Lone Star Production Co., has sat on TIPRO’s board as a regional representative for the past four years.
Permian’s LandBridge Prices IPO Below Range at $17/Share, Raising $247MM
2024-06-30 - Houston-based LandBridge, which manages some 220,000 surface acres in the Permian Basin, kicked off trading at $19 per share, more than 10% above its listing price.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.