Civitas Resources completed the acquisition of oil producing assets in the Midland and Delaware Basins from NGP Energy Capital for $4.7bn.

Civitas Resources, a neutral energy producer, completed the acquisition of oil producing assets in the Midland and Delaware Basins of west Texas and New Mexico from NGP Energy Capital, a private equity and venture capital firm, for $4.7bn. “These accretive and transformative transactions will immediately create a stronger, more balanced and sustainable Civitas. By acquiring attractively priced, scaled assets in the heart of the Permian Basin, we advance our strategic pillars through increased free cash flow and enhanced shareholder returns. We will soon have nearly a decade of price-resilient, high-return drilling inventory. Our strong capital structure allowed us to capture these transformational assets, and, importantly, behind the strength of the pro forma business, we have a clear path to reduce leverage and maintain long-term balance sheet strength," Chris Doyle, Civitas President & CEO.