June 20 (Reuters) - Civitas Resources (CIVI.N) said on Tuesday it would acquire oil and gas operations in the Permian basin managed by private equity firm NGP Energy Capital Management for $4.7 billion, expanding its operations into the lucrative shale patch.
The deal is transformative for Civitas, which until now operated solely in Colorado's Denver-Julesburg (DJ) basin.
Under the terms, Civitas has agreed to purchase a portion of Tap Rock Resources' assets and all of Hibernia Energy III's operations.
"Simply put, these transactions make Civitas a better company, and we see tremendous opportunity to add value in the Permian that will complement our leading oil position in the DJ basin," Civitas Chief Executive Chris Doyle told analysts.
News of the deal, which Reuters was first to report on Monday, sent Civitas' shares 8% lower.
Persons:
Civitas, Chris Doyle, Ben Dell, David French, Mrinalika Roy, Shilpi Majumdar, Emelia
Organizations:
Civitas Resources, NGP Energy Capital Management, Rock Resources, Hibernia Energy, Reuters, Thomson
Locations:
Colorado's Denver, U.S, Rock, DJ, Texas, New Mexico, Denver, New York, Bengaluru