SM Energy Company and Civitas Resources have agreed to merge in an all-stock transaction valued at approximately $12.8bn, including net debt. The merger will create a combined entity with an extensive portfolio of around 823,000 net acres, primarily focused on the Permian Basin. Under the terms of the merger agreement, Civitas’ shareholders will receive 1.45 shares of SM Energy stock for each Civitas share held. Based on this exchange ratio, the companies' closing share prices on 31 October 2025 and net ...