“With XCL, we are acquiring a multi-stacked pay acreage position with significant long-term upside,” Northern Oil and Gas President Adam Dirlam said in the company’s statement. “These assets are exemplary of our returns-focused strategy: delivering immediately while offering significant exploration potential further enhancing NOG’s optionality.”
SM Energy To Acquire Uinta Basin Assets : Strategic Benefits
The assets expand SM Energy’s core net acreage by about 14%, increase its 2025 net production to roughly 195 MBoed, or thousand barrels of oil equivalent per day, and boost its oil mix to more than 50%. The transaction is also expected to boost SM Energy’s estimated net proved reserves by around 18%, according to the company’s statement.
“Our differentiated technical team has again demonstrated what sets us apart, having identified a unique opportunity to add top-tier assets with significant upside for a reasonable multiple,” said SM Energy President and CEO Herb Vogel. “We believe that this transaction checks the boxes for our acquisition criteria, and we expect to demonstrate value creation through performance optimization, inventory expansion and growth in adjusted free cash flow.”
