Permian Resources to buy Earthstone Energy in $4.5 bln deal (updated)

Earthstone Energy

21/08/2023 12:13

(Adds details on deal and background in paragraphs 2-4)
       Aug 21 (Reuters) - Permian Resources  PR.N  said on
Monday it would buy Earthstone Energy  ESTE.N  in an all-stock
transaction valued at about $4.5 billion, including debt.
    The deal would strengthen Permian Resources' position as a
leading Delaware Basin independent producer with pro forma
production of about 300,000 barrels of oil equivalent per day
(boepd).
    Delaware Basin, a part of the wider Permian Basin, is a
prime target for producers looking to increase their inventory.
    The shale patch, which lies between Texas and New Mexico,
has the necessary infrastructure and is known for high
productivity and large undeveloped reserves.

 (Reporting by Arunima Kumar in Bengaluru; Editing by Anil
D'Silva and Shilpi Majumdar)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))