M&A Deal Summary

Crescent Acquires SilverBow

On May 16, 2024, Crescent acquired oil/gas exploration company SilverBow from EIG Partners for 2.1B USD

Acquisition Highlights
  • This is Crescent’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Crescent’s largest (disclosed) transaction.
  • This is Crescent’s 2nd transaction in the United States.
  • This is Crescent’s 2nd transaction in Texas.

M&A Deal Summary
Date 2024-05-16
Target SilverBow
Sector Oil/Gas Exploration
Buyer(s) Crescent
Sellers(s) EIG Partners
Deal Type Divestiture
Deal Value 2.1B USD
Advisor(s) Evercore Group
BofA Securities (Financial)
Gibson, Dunn & Crutcher (Legal)

Target

SilverBow

Houston, Texas, United States
SilverBow is an oil and gas company that engages in developing, exploring, acquiring, and operating oil and gas properties with a focus on onshore and inland waters oil and natural gas reserves in Louisiana and Texas, as well as oil and natural gas reserves in New Zealand. SilverBow was founded in 1979 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

Crescent

Houston, Texas, United States
Category Company
Sector Energy Services and Equipment
Revenue 2.4B USD (2023)
DESCRIPTION

Crescent is a differentiated U.S. energy company committed to delivering value for shareholders through disciplined growth through acquisition strategy and consistent return of capital. The company's portfolio of low-decline, cash-flow-oriented assets comprises both mid-cycle unconventional and conventional assets with a long reserve life and a deep inventory of high-return development locations in the Eagle Ford and Uinta basins. Crescent is based in Houston, Texas.

DEAL STATS #
Overall 2 of 2
Sector (Oil/Gas Exploration) 2 of 2
Type (Divestiture) 1 of 1
State (Texas) 2 of 2
Country (United States) 2 of 2
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-07 Contango Oil & Gas

Brenham, Texas, United States

Contango Oil & Gas is an oil and gas company focused on the exploration, development, production and acquisition of natural gas and oil properties both onshore and offshore in the shallow waters of the Gulf of Mexico. Contango Oil & Gas was founded in 1986 and is based in Brenham, Texas.

Buy -

Seller(S) 1

SELLER

EIG Partners

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1982
PE ASSETS 39.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

EIG Global Energy Partners specializes in private investments in energy and energy-related infrastructure around the world. Specific areas of interest include upstream oil and gas, midstream, power generation, renewables, and related infrastructure. EIG manages a variety of funds that provide hybrid debt and structured equity financing solutions to energy projects and companies. The Firm also offers credit/direct lending vehicles that target higher credit-quality project finance instruments. EIG Global Energy Partners is headquartered in Washington, District of Columbia.

DEAL STATS #
Overall 11 of 11
Sector (Oil/Gas Exploration) 7 of 7
Type (Divestiture) 2 of 2
State (Texas) 7 of 7
Country (United States) 9 of 9
Year (2024) 2 of 2
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-22 NuStar Energy

San Antonio, Texas, United States

NuStar Energy is an independent liquids terminal and pipeline operator. The company currently has approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia, and specialty liquids. NuStar Energy was founded in 1999 and is based in San Antonio, Texas.

Sell $7.3B
Mergr

Product

Company

Legal