SM Energy to merge with Civitas Resources in a $12.8bn deal.

SM Energy, an independent oil and gas company engaged in exploration and production, agreed to merge with Civitas Resources, an exploration and production company focused on crude oil and natural gas assets in the Permian and DJ Basins, in a $12.8bn deal. "This merger combines two premier operators and establishes a company with transformative scale in the highest-return U.S. shale basins. By combining two complementary portfolios, we expect to unlock significant free cash flow to strengthen our balance sheet, accelerate stockholder returns, and position us for sustainable growth through every cycle," Beth McDonald, SM Energy President and COO.