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IN BRIEF: Riverstone Energy says Permian Resources to buy Earthstone

23rd Aug 2023 11:07

Riverstone Energy Ltd - Guernsey-based investor in renewable and non-renewable energy companies - Says investee Permian Resources Corp, a Midland, Texas-based oil and gas company, agreed on Monday to acquire Woodlands, Texas-based Earthstone Energy Inc. The all-stock transaction is valued at about USD4.5 billion, including Earthstone's net debt. Riverstone says this will strengthen Permian's position as a "leading" exploration and production company. The transaction is expected to close during the fourth quarter.

Current stock price: 577.79 pence, up 1.0% in London on Wednesday

12-month change: down 10%

By Emma Curzon, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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