The hottest soap opera to follow in 2024 energy M&A involved Kimmeridge’s takeover bid of SilverBow Resources and the resulting war of words between the two.
But the emerging upstream power Crescent Energy had quietly lurked behind the scenes since October 2022, when CEO David Rockecharlie first struck up a conversation with Eagle Ford Shale player SilverBow.
Kimmeridge, a major SilverBow investor, aimed to combine its Kimmeridge Texas Gas assets and may ultimately have forced SilverBow into making a deal. But “a” deal is key, because SilverBow ultimately chose the more secretive Crescent bid, which temporarily turned Crescent into the second-largest producer in the Eagle Ford behind EOG Resources.
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