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Impact on oil prices due to increased Uinta Basin activity by end of 2024
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SM Energy Acquires Uinta Basin Assets for $2.55 Billion, Northern Oil Takes 20% Stake
Jun 27, 2024, 01:30 PM
SM Energy is advancing its presence in Utah's Uinta Basin through a significant acquisition. The company has announced a deal valued at approximately $2.55 billion to acquire shale assets in the region. As part of the transaction, Northern Oil and Gas will purchase a 20% stake for $510 million, giving SM Energy 80% ownership of the assets. Earlier reports suggested the deal could be worth $3 billion or $2 billion, but the final agreement stands at $2.55 billion. This acquisition highlights the strategic importance of the Uinta Basin for US shale drillers.
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