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.
RELATED
Could Crescent, SilverBow Buy More in South Texas After $2.1B Deal?
Recommended Reading
Shale Outlook Eagle Ford: Sustaining the Long Plateau in South Texas
2025-01-08 - The Eagle Ford lacks the growth profile of the Permian Basin, but thoughtful M&A and refrac projects are extending operator inventories.
PRB’s Sage Butte Ready for M&A Across Lower 48, Maybe Canada Too
2025-01-08 - Private E&P Sage Butte Energy, which operates in the Powder River Basin, is less interested in the Permian Basin, citing the cost of entry.
As Upstream M&A Settles, Oilfield Services Gear Up for More Deals
2024-12-06 - Within the first nine months of 2024, oilfield services dealmaking hit $19.7 billion—the highest since 2018, according to Deloitte.
DOE Awards Pioneer Energy $27MM for Emissions Reduction Projects
2025-01-08 - Pioneer Energy said it will allocate most of the funds toward advancing its Emission Control Treater, a near zero emissions well pad production technology, as it implements projects in the Eagle Ford, Cotton Valley and Colorado.
Ovintiv Closes $2B Uinta Sale to FourPoint Resources
2025-01-22 - Ovintiv is exiting Utah’s Uinta Basin in a $2 billion sale to FourPoint Resources, which will take over some of the play’s highest quality acreage.
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.