Houston-based Crescent Energy said Monday it will acquire Tulsa-based Vital Energy in an all-stock deal valued at $3.1 billion (including debt) to add the Permian Basin to its portfolio and create a top 10 independent. Vital is an independent energy company focused on acquisition, exploration and development of oil and gas properties in Permian Basin. Vital’s assets include about 285,000 acres in Delaware and Midland basins expected to produce nearly 140,000 boed this year.
Crescent’s assets include 540,000 acres in Eagle Ford and 145,000 acres in Uinta with 2025 production of about 255,000 boed. The new company’s production will be 64 percent liquids with an inventory of 3,100 development locations. Vital now runs 4 rigs, but Crescent CEO David Rockecharlie said the company plans for 1 or 2 rigs as it slows the pace of development.
“We have high conviction around the quality of the inventory available to us here, but we’re just going to take it slower,” he said.
John Goff, chairman, added, “This transaction is transformative for Crescent and consistent with our strategy. Crescent’s impressive trajectory of returns-driven growth through M&A has cemented the company as a top 10 independent.” Closing is expected by yearend 2025.
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