Permian Resources completed its $4.5 billion all-stock acquisition of Earthstone Energy in November 2023, creating one of the largest pure-play Delaware Basin operators. The combined entity holds approximately 400,000 net acres with production above 300,000 boe/d.
The deal added 223,000 net acres in the Delaware and Midland basins to Permian Resources' position. EnCap-affiliated funds and former Earthstone management agreed to standstill provisions.