SM Energy Co (SM): M&A transaction — SM Energy closes $2.1B Uinta Basin acquisition of 80% interest in XCL Resources assets

SM Energy Co

Net purchase price of $2.1B for 80% undivided interest; $1.9B cash paid at closing on Oct 1, 2024.
Acquisition adds ~63,300 net acres, 110 MMBoe proved reserves, and 86-87% oil content production.
Credit facility amended: commitments increased from $1.25B to $2.0B, maturity extended to Oct 2029.
Funding from $1.5B senior notes issued July 2024, plus cash on hand and credit facility borrowings.
Initial estimate of 465 net drilling locations normalized to 10,000-foot laterals with high well economics.

item 1.01 item 2.01 item 9.01 item 2.03 item 7.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SM Energy Co completed an acquisition involving XCL AssetCo, LLC, XCL Marketing, LLC, Wasatch Water Logistics, LLC, XCL Resources LLC, XCL SandCo, LLC for Total cash consideration of approximately $2.4 billion was paid to the XCL Sellers at the closing (inclusive of the Company’s exercise of its option to acquire (closed 2024-10-01).

Action: acquisition
Counterparty: XCL AssetCo, LLC, XCL Marketing, LLC, Wasatch Water Logistics, LLC, XCL Resources LLC, XCL SandCo, LLC
Consideration: Total cash consideration of approximately $2.4 billion was paid to the XCL Sellers at the closing (inclusive of the Company’s exercise of its option to acquire
Closing: 2024-10-01

Exact text from the filing

20% interest in the XCL Acquisition Agreement to NOG; and (ii) the Company, NOG and the XCL Sellers consummated the XCL Acquisition. Total cash consideration of approximately $2.4 billion was paid to the XCL Sellers at the closing (inclusive of the Company’s exercise of its option to acquire certain additional Uinta Basin assets of an adjacent operator), with

View on SEC.gov

24 m&a transactions filed in the last 30 days. Browse all m&a transactions →

SM Energy Co filing history →

Source: SEC EDGAR

accession 0000893538-24-000130

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.