Vital Energy, in partnership with Northern Oil and Gas, has acquired Permian assets from Point Energy Partners for $1.1 billion, continuing the trend of consolidation in the U.S. shale industry.
Vital Energy , in partnership with Northern Oil and Gas Inc., has struck a deal with private equity -backed Point Energy Partners to buy its Permian assets for $1.1 billion. Vital Energy will acquire 80% of the assets, with the remainder going to Northern Oil and Gas. The transaction will be all-cash, Vital Energy said. The assets that Vital will acquire will add 30,000 bpd to its daily output and some 16,300 net acres to its total acreage.
shale patch as independents seek to position themselves better against their larger rivals in a sector that is fast running out of untapped resources. As a result, mergers and acquisitions in the U.S. oil and gas space hit a record of $51 billion in the first quarter of the year, per Enverus data, which also showed most deals targeted companies and assets in the Permian.
Vital Energy Northern Oil And Gas Point Energy Partners Acquisition Shale Oil And Gas Consolidation Private Equity M&A
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