Deal Insight
Civitas makes a major bid in the Permian for US$4.7 billion
Report summary
On 20 June, Civitas (CIVI) announced it had entered into an agreement to acquire assets from NGP Energy Capital-backed companies, Hibernia Energy and Tap Rock Resources, for a total consideration of US$4.7 billion. Once a pure-play DJ Basin operator, Civitas will now become a major Permian competitor, adding 68,000 net acres in the Delaware and Midland Basins.
Table of contents
- Executive summary
-
Transaction details
- Delaware Basin – Tap Rock Resources, LLC
- Midland Basin – Hibernia Energy III, LLC
-
Upstream assets
- Permian – Delaware Basin
- Permian – Midland Basin
- Deal analysis
-
Upsides and risks
-
Upsides
- Gained Inventory
- Spacing Opportunities
-
Risks
- Higher cost of development
- Emissions Abatement
-
Upsides
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes 14 images and tables including:
- Executive summary: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Total deal financial structure
- Delaware Basin - Tap Rock leasehold and operated wells TIL since 2021
- Time normalized production per lateral ft by operator
- Midland Basin - Hibernia leasehold and operated wells TIL since 2021
- Upstream assets: Table 1
- Pro forma inventory by basin and bench
- Well design vs EUR (mmboe) by operator
- Emissions intensity by company (2021 reported)
What's included
This report contains:
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