Crescent Energy acquires Vital Energy in $3.1 billion deal
U.S. shale producer Crescent Energy announced on Monday that it will acquire smaller rival Vital Energy in an all-stock transaction valued at $3.1 billion, including debt. The move underscores the drive for scale among U.S. oil and gas producers, even as industry dealmaking slowed in the second quarter due to energy price swings and volatile equity markets.
Under the terms of the agreement, Vital shareholders will receive 1.9062 shares of Crescent common stock for each Vital share, representing an implied value of $18.95 per share—a 20% premium based on both companies’ most recent closing prices.
Following the announcement, shares of Vital Energy jumped 9.5% in premarket trading, while Crescent shares slipped 2.9%. Reuters had reported on the deal discussions late Friday, citing sources familiar with the matter.
The merger will create one of the 10 largest independent oil and gas producers in the United States, with substantial operations across the Eagle Ford, Permian, and Uinta basins. The combined company will control more than a decade’s worth of drilling inventory, according to a joint statement.
The deal is expected to deliver $90 million to $100 million in immediate annual synergies, while also increasing cash flow per share. Crescent Energy has outlined plans to bolster its balance sheet through a $1 billion pipeline of non-core asset sales.
Upon closing—which is anticipated by the end of 2025—Crescent shareholders will hold roughly 77% of the combined entity, with Vital shareholders owning the remaining 23%.
The transaction reflects the ongoing trend of consolidation in the shale sector as producers seek efficiency gains, larger resource bases, and stronger positions in key U.S. basins.
