Bloomberg Law
Aug. 21, 2023, 3:09 PM

Permian Resources to Acquire Earthstone for $2 Billion (2)

Simon Casey
Simon Casey
Bloomberg News

Permian Resources Corp., a US oil producer named after the shale basin in which it operates, agreed to acquire Earthstone Energy Inc. for about $2 billion through an all-stock takeover.

It’s the latest deal for Will Hickey and James Walter, the 30-something co-chief executive officers of Midland, Texas-based Permian Resources who have built up the company into a major independent US shale operator through a series of mergers in recent years. Including debt, the deal has an enterprise value of about $4.5 billion, according to a statement Monday.

Takeovers have been crucial for US shale producers to grow ...

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