Independence Energy and Contango Merge to Form Crescent Energy Company

Crescent Energy Acquires Vital Energy

December 15, 2025

Oil & Gas

Crescent Energy Company (NYSE: CRGY) completed its previously announced all-stock acquisition of Vital Energy, Inc. (NYSE: VTLE), creating a larger, liquids-weighted independent E&P company. The deal is intended to enhance Crescent's free cash flow profile, operational scale and strategic opportunities while delivering identified synergies and governance updates.

Energy Transfer LP to Acquire Crestwood Equity Partners LP

August 16, 2023

Oil & Gas

Energy Transfer LP has entered into a definitive agreement to acquire Crestwood Equity Partners LP in an all-equity transaction valued at approximately $7.1 billion (including assumed debt). The deal extends Energy Transfer’s midstream footprint deeper into the Williston, Delaware and Powder River basins and adds gathering, processing, storage and terminal assets that complement its existing NGL, crude and export capabilities.

Crescent Energy Acquires Uinta Basin Assets from Verdun/EP Energy for $690M

March 31, 2022

Energy

Crescent Energy Co. closed its purchase of Uinta Basin oil and gas assets in Utah for $690 million, acquiring approximately 145,000 contiguous net acres producing roughly 30,000 boe/d (about 65% oil). The assets were sold by Verdun Oil Co. II LLC (an EnCap Investments-backed vehicle) previously associated with EP Energy; Crescent said the deal expands its Rockies position and adds multiyear development inventory and cash flow.

Targa Resources Corp. Acquires Southcross Energy Operating LLC

April 21, 2022

Oil & Gas

Targa Resources Corp. has completed the acquisition of Southcross Energy Operating LLC and its subsidiaries, adding midstream assets located in South Texas to Targa’s portfolio. The deal expands Targa’s natural gas and NGL gathering, processing and transportation footprint in the Gulf Coast region.

Earthstone Energy Acquires Independence Resources Management, LLC

January 7, 2021

Energy

Earthstone Energy, Inc. completed the acquisition of Independence Resources Management, LLC for approximately $182.0 million, consisting of $131.2 million cash and ~12.7 million shares of Earthstone Class A common stock valued at $50.8 million. The deal adds Midland Basin upstream oil and gas assets to Earthstone’s portfolio and expanded Earthstone’s board with the appointment of a Warburg Pincus managing director.

ConocoPhillips to Acquire Concho Resources

October 19, 2020

Oil & Gas

ConocoPhillips agreed to acquire Concho Resources in an all-stock transaction valued at $9.7 billion, exchanging each Concho share for 1.46 shares of ConocoPhillips. The combination creates a larger independent oil and gas company with expanded Permian Basin scale, expected cost and capital synergies of $500 million annually and an enhanced low-cost resource base.