SM Energy Nears $3 Billion Deal for XCL Resources

SM Energy is in advanced talks to acquire XCL Resources, a top oil and gas producer in Utah, according to people familiar with the matter.

SM could announce a deal with XCL backers including EnCap Investments in the coming days, said the people, who asked to not be identified because the details aren’t public. The deal would value XCL at about $3 billion, according to one of the people.