Civitas Resources Completes $2.1 Billion Acquisition of Vencer Energy’s Midland Basin Assets, Expanding Development Locations.

Civitas Resources has completed its $2.1bn acquisition of Vencer Energy’s assets in the Midland basin in Texas, adding an estimated 400 gross development locations. The acquisition includes nearly 7.2 million shares of common stock and $1bn in cash, with a deferred cash payment of $550m scheduled for payment to be made on 3 January 2025. The deal was announced in October 2023 by Civitas Resources, an oil and gas producer listed on the New York Stock Exchange. Following the completion of the deal, Civitas has increased its high-quality oil development locations in the Permian Basin to over 1,200.