Coterra Energy Closes Pair of Permian Basin Deals for $3.9B

Transaction Type
Sellers
Buyers
Basin
Permian Basin
Announce Date
Post Date
Close Date
Estimated Price
3900BB
Description

Coterra Energy Inc. has closed $3.9 billion worth of Permian Basin acquisitions, absorbing the assets from Franklin Mountain Energy and Avant Natural Resources in separate deals.

The transaction, announced in November, adds 400 and 550 net locations, mostly within Lea County, New Mexico, primarily targeting the Bone Spring, Harkey, Avalon and Lower Wolfcamp/Penn Shale.

The deals add about 49,000 net acres in Lea County that are contiguous with Coterra’s northern Delaware Basin acreage. The company now holds about 83,000 acres in the Delaware Basin.

Coterra upped the deal in December with an additional 1,650 net royalty acres from Sandia Minerals LLC for $43 million, according to a Dec. 31 Securities and Exchange Commission (SEC) filing. Sandia’s interests are owned by Franklin Mountain Royalty Investments, according to the SEC filing.

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