SM Energy Merges with Civitas to Create US Top Ten Oil Producer

SM Energy has completed its all-stock merger with Civitas Resources, creating a combined entity valued at $12.8bn. The merged company will retain the name SM Energy and be headquartered in Denver, Colorado. Beth McDonald will serve as president and CEO, and Blake McKenna as executive vice-president and COO. The combined entity has a portfolio of around 823,000 net acres with a significant focus on the Permian Basin, and aims to provide sustained capital returns and broaden its investment appeal through increased market capitalization and liquidity.