Civitas Resources acquires Permian assets from NGP Energy for $4.7B.

(Reuters) – Civitas Resources to Expand Operations in Permian Basin with $4.7 Billion Acquisition

Exciting news in the energy industry! Civitas Resources announced on Tuesday its plans to acquire oil and gas operations in the Permian Basin from private equity firm NGP Energy Capital Management. This strategic move will not only expand Civitas’ operations but also give them access to the highly lucrative shale patch.

The deal includes the purchase of a portion of Tap Rock’s Delaware Basin assets and all of Hibernia’s Midland Basin assets. Both Tap Rock and Hibernia are portfolio companies of funds managed by NGP.

Reuters was the first to report on Civitas’ advanced talks with NGP regarding the acquisition of these Permian Basin-focused assets.

The Permian Basin is a prime target for energy producers due to its infrastructure, high productivity, and large undeveloped reserves. It spans across Texas and New Mexico, making it an ideal location for expanding inventories.

We can expect the deals to be finalized in the third quarter of 2023.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Shilpi Majumdar)

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