SM Energy Co. (NYSE: SM) closed the acquisition of oil and natural gas assets in Howard and Martin Counties, Texas, from QStar LLC and a related entity for $1.6 billion, according to a Dec. 21 press release.
SM Energy said it will operate two rigs on this leasehold position during 2017, starting in the first quarter.
SM Energy estimates its Midland Basin footprint is about 87,600 net acres, including the pending acquisition of additional leasehold interests announced in early December.
The closed acquisition was funded by cash proceeds from recent asset divestitures and the issuance of 13.4 million common shares to sellers. The transaction’s effective date is Sept. 1.
Denver-based SM Energy said it will operate two rigs on this leasehold position during 2017, starting in the first quarter.
Recommended Reading
SandRidge Recasts Management with New Chairman, CFO
2024-10-03 - SandRidge Energy has appointed Vincent Intrieri as chairman to succeed Jonathan Frates, who will transition to the role of executive vice president and CFO.
ONEOK Replaces Three EnLink Board Directors Post Acquisition Close
2024-10-16 - Three Global Infrastructure Partner directors are being replaced on EnLink Midstream’s board of directors by members of ONEOK’s executive leadership team.
California Resources Names Crespy as Executive VP, CFO
2024-11-26 - Clio C. Crespy has worked on some of California Resources’ “most significant” projects, including the Carbon TerraVault joint venture and the direct air capture hub at Elk Hills, said CEO Francisco Leon.
Amber CEO Goff Resigns from Exxon Mobil Board
2024-10-22 - The CEO of Amber Energy Inc., the winning bidder of Citgo Petroleum for an auction price of $7.3 billion, resigned from Exxon Mobil Corp.’s board of directors last week.
Devon CEO Muncrief to Retire, COO Gaspar to Take Top Job in March
2024-12-09 - Devon Energy President and CEO Rick Muncrief, who has led Devon during past four years, will retire March 1. The board named COO Clay Gaspar as his successor.