Carrizo Oil & Gas Inc. (NASDAQ: CRZO) is reportedly considering a merger with rival U.S. shale producer SM Energy Co. (NYSE: SM), according to a recent report by Bloomberg.
“Carrizo has held early-stage discussions with SM about a potential combination,” Bloomberg reported citing people familiar with the matter.
Carrizo Oil & Gas is a Houston-based energy company founded in 1993. The company currently operates in the Eagle Ford Shale in South Texas and in the Delaware Basin within the prolific Permian in West Texas.
Similarly, SM Energy’s two core operations include positions in the Eagle Ford Shale as well as the Permian’s Midland sub-basin. The Denver-based operator has roots stretching back more than a century to its inception in 1908.
SM Energy’s Eagle Ford acreage in South Texas is primarily located in Dimmit and Webb counties. Meanwhile, Carrizo’s position in the shale play stretches across Atascosa, Frio, Dimmit, La Salle, McMullen and Zavala counties, Texas.
As for the Permian Basin, SM Energy’s assets are located in Howard, Martin, Midland and Upton counties, Texas, while Carrizo’s acreage is mostly in Culberson, Reeves and Ward counties, Texas.
2022-06-16 - Targa Resources’ acquisition of Lucid Energy in the Permian Basin from Riverstone Holdings and Goldman Sachs follows the company’s $200 million bolt-on of Southcross Energy earlier this year.
2022-07-08 - Alberta, Calgary-based Freehold Royalties said the acquisitions from two private sellers in the Permian Basin and Eagle Ford Shale will grow the company’s U.S. land holdings by about 147,000 gross acres.
2022-06-27 - On June 27, Sitio Royalty said it completed the acquisition of Permian Basin acreage from Foundation Minerals for approximately $323 million and entered an agreement to acquire additional Permian acreage from Momentum Minerals for $224 million.
2022-07-06 - The baseline valuation of BlackBrush's production in the Eagle Ford would be around $430 million, although BlackBrush may seek a sale price in the “high hundreds of millions of dollars” to account for substantial undeveloped acreage in the area, sources said.
2022-06-08 - Northern Oil and Gas entered an agreement with an undisclosed company to acquire nonoperated interests in the Williston Basin primarily located in Dunn, McKenzie and Williams counties, North Dakota.