One-Page Deal Sheet
SM Energy, Civitas Strike $12.8B All-Stock Merger
SM Energy Company Civitas Resources Inc.
Announced Date
November 03,2025
Close Date
January 30,2026
Transaction Type
Corporate
Location
Calculated Metrics( EV/Category)
Region
Permian,Rockies - DJ Basin
Country
United States
State
Texas
Play
Production & Reserves Production
Production Mix
Reserves
Calculated Metrics( EV/Category)
Transaction Details: Subscribe to see
SM Energy and Civitas Resources on November 3, 2025 announced a definitive agreement to combine in an all-stock transaction valued at approximately $12.8 billion enterprise value, inclusive of net debt.
The merger creates a scaled, oil-weighted independent with approximately 823,000 net acres across the Permian Basin, DJ Basin, Uinta Basin and South Texas. The combined portfolio significantly increases exposure to the Permian, which becomes the cornerstone asset.
Civitas reported Q2 2025 production of 317 Mboe/d and year-end 2024 estimated net proved reserves of 798 MMBoe. SM Energy reported…
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