Permian Resources to Acquire Earthstone for $4.5 Billion (1)

Permian Resources Corp., a US oil producer named after the shale basin in which it operates, agreed to acquire Earthstone Energy Inc. in an all-stock takeover valued at about $4.5 billion.

It’s the latest deal for Will Hickey and James Walter, the 30-something co-chief executive officers of Midland, Texas-based Permian Resources who have built up the company into a major independent US shale operator via a series of mergers in recent years.

The takeover of Earthstone will give Permian Resources a pro-forma production of about 300,000 barrels of oil equivalent per day, the companies said Monday in a ...