SM Energy Company announced on October 2nd that it has closed on the Uinta Basin acquisition of an 80% undivided interest in the oil and gas assets of XCL Resources, LLC and affiliated entities known collectively as Uinta Acquisitions. “We are excited to add a third core area of very high-quality assets to the SM portfolio,” shares President and Chief Executive Officer Herb Vogel. “We look forward to welcoming new employees to the SM team from XCL Resources and Altamont Energy and to working in our new Utah communities. The Uinta Acquisitions add significant scale and long-term value creation opportunity for SM Energy via high-quality, oily stacked pay with outstanding well economics.” The Uinta Acquisitions add approximately 63,300 net acres, an initial estimate of 465 net locations normalized to 10,000 foot laterals, high oil content production at approximately 86 percent oil, and a centrally located sand mine (on company-owned surface acreage) that initiated operations in late September 2024. The Uinta Acquisitions totaled $2.1 billion dollars on their effective date of May 1st, 2024. Cash was paid at closing on October 1st, totalling $1.9 billion dollars.
