SM to Buy Permian Rival Civitas in Year’s Biggest Shale Deal

SM Energy Co. agreed to buy rival Civitas Resources Inc. in the biggest US shale deal of the year, the latest sign of consolidation in the Permian Basin.

The takeover, valued at about $2.8 billion in equity, brings together two of the region’s midsize, publicly traded players. The deal totals $12.8 billion including debt, making it the year’s biggest to be announced among independent onshore US oil explorers.