🚀 **Big Moves in the Energy Sector!** 🚀
Crescent Energy just made headlines with its $2.1 billion acquisition of SilverBow Resources, creating a powerhouse in the Eagle Ford! 🛢️💥
Crescent CEO David Rockecharlie said, "This combo with SilverBow, expected to boost all key metrics, solidifies us as a leading Eagle Ford operator." 🌟
What does this mean?
- 🌍 Crescent becomes the second-largest operator in the Eagle Ford.
- 💸 Focus on free cash flow and disciplined capital allocation.
- 💪 Significant cost savings and efficiencies, with estimated annual synergies of $65-$100 million.
- 📈 A balanced portfolio with high-quality, long-life assets, geared for sustainable growth.
SilverBow shareholders will get 3.125 shares of Crescent Class A stock per SilverBow share or can opt for cash at $38 per share (up to $400 million). 💰
John Goff, Crescent's Chairman, said, "This is a compelling transaction for both companies' shareholders, positioning Crescent as a leading growth business." 🏆
Sean Woolverton, SilverBow's CEO, added, "This marks an exciting chapter for SilverBow, offering our shareholders an attractive premium and significant value creation." 🚀
The deal has unanimous board approval and is expected to close by the end of Q3 2024. Crescent’s board will expand to include two SilverBow directors, with John Goff as Non-Executive Chairman and David Rockecharlie as CEO. The HQ stays in Houston. 🌆
Exciting times ahead! 🎉
#Energy #Acquisition #EagleFord #CrescentEnergy #SilverBowResources #OilAndGas #Innovation #Growth
Trusted Advisor and Fractional General Counsel / Outside General Counsel to Small and Medium Sized Privately Held Business as Partner at Frost Brown Todd, LLC
3moWay to go Adrienne!