RSP Permian to buy Silver Hill Energy Partners in $2.4B deal [Seeking Alpha]
RSP PERMIAN INC (RSPP)
Last rsp permian inc earnings: 5/2 04:15 pm
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Source: Seeking Alpha
RSP Permian (NYSE: RSPP ) AH after agreeing to acquire Silver Hill Energy Partners and Silver Hill E&P II for $1.25B in cash and 31M common shares of its common stock, implying a total purchase price of ~$2.4B. RSPP says the deal is a unique acquisition of a highly contiguous acreage position in the core of the Delaware Basin with 41K net surface acres, which creates substantial scale with combined current production of ~50K boe/day, 100K-plus net surface acres, 500K-plus net effective horizontal acres, and 3,600 net drilling locations with substantial additional upside. To help fund the deal, RSPP launches a 20M-share public offering , with an underwriters option to purchase up to an additional 3M common shares. Silver Hill reportedly had attracted interest from the likes of Diamondback Energy (NASDAQ: FANG ), Noble Energy (NYSE: NBL ), Marathon Oil (NYSE: MRO ) and Occidental Petroleum (NYSE: OXY ).
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