The takeover, valued at about $2.8 billion in equity, brings together two of the region’s midsize, publicly traded players. The deal totals $12.8 billion including debt, making it the year’s biggest to be announced among independent onshore US oil explorers.
Civitas produces oil across about 140,000 net acres throughout the basin, according to an investor presentation in August. SM has about 109,000 acres in a well-developed swath of the Permian known as ...