Crescent Energy to Acquire Uinta Basin Assets in an $815M Deal
Feb 16, 2022 By MarketDepth
Crescent Energy Company (NYSE: CRGY) announced a definitive purchase agreement with Verdun Oil Company II LLC earlier today.
Closing in 2022
The all-cash transaction, expected to close in the first half of 2022, will see Crescent acquire the Uinta Basin assets previously owned by EP Energy for $815 million. Overall, the acquisition is consistent with Crescent’s strategy to acquire high-value & accretive, cash flowing assets and the company plans to share additional information on the transaction during a conference call in early March 2022.
“We are acquiring these assets at a compelling valuation. They are a great addition to our existing Rockies footprint and align perfectly with our cash flow based strategy. Importantly, this transaction maintains our commitment to financial strength and flexibility while adding meaningful scale to our low-decline production base, free cash flow and proven inventory of highly economic re-investment opportunity.”
Crescent CEO David Rockecharlie
Additionally, the company announced that it will release its fourth quarter and full year 2021 results on Wednesday, March 9, 2022, after the market closes.
