SM Energy and Civitas Resources agree to $12.8 billion all-stock merger
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SM ENERGY AND CIVITAS RESOURCES TO COMBINE IN $12.8 BILLION TRANSFORMATIONAL COMBINATION DELIVERING SUPERIOR STOCKHOLDER VALUE
November 3, 2025 6:15 AM ESTValue-Enhancing Scale
Premier portfolio across the highest-return U.S. shale basins drives significant free cash flow and enhanced stockholder value
Pro forma second quarter of 2025 production totaled 526 MBoe/d
Pro forma full-year 2025 consensus free cash flow of more than $1.4 billion
Step-change in free cash flow supports sustained return of capital
Value-Driven Synergies
Proven management and a world-class technical team positioned to deliver identified and achievable annual synergies of approximately $200 million with upside potentialÂ
Synergies create potential for accelerated debt repayment and... More
