SM Energy falls after $2 bln deal to buy Uinta basin assets

Northern Oil and Gas

27/06/2024 13:00

** Shares of SM Energy  SM.N  down 1.4% at $47.74 premarket 
    ** Co to buy Uinta basin oil and gas assets from privately
held XCL Resources for about $2 bln 
    ** SM says new assets will add 43,000 barrels of oil
equivalent per day in production and raise its core net acreage
by 14% 
    ** Announces new share buyback plan of $500 mln 
    ** Northern Oil and Gas  NOG.N  also to acquire some of
XCL's assets for $510 mln 
    ** NOG shares marginally down at $38 premarket
    ** Up to last close, SM and NOG up 25% and 3.8%,
respectively, this year

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))