SM Energy is reportedly in talks to acquire XCL Resources in a deal that has been valued at $3 billion. XCL Resources is a major player in Utah’s Uinta Basin, a shale formation that has not been getting as much attention as the Permian but is a contributor to the U.S. total in light, sweet shale crude.
The buyer, SM Energy, is focused on the Eagle Ford and the Midland Basin in Texas. The former is currently seeing a revival in interest among investors, by the way, even as most M&A activity in the shale patch remains concentrated in the Permian. Last month, Crescent Energy struck a deal with SilverBow Resources to acquire it for $2.1 billion in an all-stock deal.
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