One-Page Deal Sheet
SM Energy, Northern To Acquire PE-Backed XCL Resources
Northern Oil and Gas, Inc., SM Energy Company Xcl Resources
Announced Date
June 27,2024
Effective Date
May 01,2024
Close Date
October 01,2024
Transaction Type
Asset
Enterprise Value (EV)($MM)
2550
Asset/Basin:
["Uinta Basin"]
TargetZones:
["Wasatch", "Green R
Net Acres
% Oil:
Net Operated Locations:
EbitDAX : Ebitdax_multple
Location
Calculated Metrics( EV/Category)
Region
Rockies - Piceance/Uinta
Country
United States
State
Utah
County
Duchesne ,Uintah
Play
Production Production
Production Mix
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
$/Location
Transaction Details: Require Private Equity Subscription
SM Energy and Northern Oil has agreed to acquire assets from Encap & Rice Investment backed XCL Resources for $2.5billion in the Uinta Basin, an area where SM already has assets. SM Energy will be the operator.
The asset is undivided and SM will own 80% for $2.0 billion and Northern the remaining 20% for $510million.
SM Energy will also be the operator.
Undivided
Land : 46,500 net acres (9,300 to Northern oil)
Production : 53,000 boe/d (85% oil) (10,500 to Northern Oil)
Locations : 488 net locations (97.6 to Northern Oil)
President and Chief Executive Officer Herb Vogel comments: "Our…
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