Civitas Resources to Enter Permian Basin through Transformative Transactions
Vinson & Elkins advised Tap Rock Resources, LLC (“Tap Rock”) in connection with the signing of a definitive agreement whereby Civitas Resources will acquire oil producing assets in the Midland and Delaware Basins of west Texas and New Mexico.
The agreements were signed with affiliates of Hibernia Energy III, LLC and Tap Rock, which are respective portfolio companies of funds managed by NGP Energy Capital Management, L.L.C., for total consideration of approximately $4.7 billion, subject to customary purchase price adjustments. The transactions will fundamentally transform Civitas into a stronger, more balanced, and sustainable enterprise with a deep inventory of high-return drilling opportunities in the heart of the Permian and DJ basins. Both transactions are subject to customary terms and conditions and are expected to close in the third quarter of 2023 with effective dates of July 1, 2023.
The Vinson & Elkins corporate team was led by partners Bryan Loocke, Jackson O’Maley, Doug McWilliams and Matt Strock and counsel Elena Sauber, with assistance from senior associate Jordan Fossee and associates John Larbalestier, Michelle Yang, Ben Zeter, Jake Lubenow, Walt Baker, Kelli Westmoreland and Darren Fox. Other key team members include partner James Longhofer and associate Frank George; partners John Lynch and Todd Way and associates Dan Henderson and Adam Bateman; partner Becky Baker and associate Peter Goetschel; partner David D’Alessandro and associate Maddison Riddick; partner Matt Dobbins and associate Kelly Rondinelli; and partner Hill Wellford and counsel Evan Miller.
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