Shareholders for Crescent Energy and SilverBow Resources signed off on their $2.1 billion merger, which is expected to close July 30. (Source: Shutterstock/ SilverBow Resources/ Crescent Energy)
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.
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