"Civitas Resources and SM Energy Announce $12.8 Billion All-Stock Merger"

"Civitas Resources, Inc. and SM Energy Company plan to merge in an all-stock transaction, with Civitas shareholders receiving 1.45 shares of SM Energy stock for each Civitas share. The combined company will have an enterprise value of approximately $12.8 billion. The deal, subject to stockholder and regulatory approvals, is expected to close in Q1 2026. Both companies are independent energy firms focused on oil and natural gas production in the U.S."

Simpson Thacher & Bartlett LLP is representing J.P. Morgan Securities LLC as financial advisor to Civitas Resources, Inc. in connection with its proposed combination with SM Energy Company in an all-stock transaction. Under the terms of the transaction, each common share of Civitas will be exchanged for 1.45 shares of SM Energy common stock. The combined company would have an enterprise value of approximately $12.8 billion, inclusive of each company’s net debt. The transaction is subject to customary closing conditions, including approvals by SM Energy and Civitas stockholders and regulatory clearances, and is expected to close in the first quarter of 2026. The Simpson Thacher team includes Christopher May (Partner, M&A), Jakob Rendtorff (Partner, M&A), and Wang Chen (Associate, M&A).

"Civitas Resources and SM Energy Announce $12.8 Billion All-Stock Merger"

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