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Crescent Energy (NYSE:CRGY) said Tuesday it agreed to acquire operatorship and incremental working interest in its existing Western Eagle Ford assets from Mesquite Energy for $600M in cash.
Crescent (CRGY) said the deal nearly doubles its operated Eagle Ford inventory and significantly enhances its scale in the play.
Pro forma for the transaction, the company will increase its legacy ~15% non-operated interest to a ~50% operated working interest in the acquired assets and operate ~90% of its Eagle Ford position.
Crescent (CRGY) also said the deal raises its base of predictable cash flow with current production of ~20K boe/day (70% liquids) and a 12-month decline rate of 17%.
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