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Bond Market News
SM Energy and Civitas to Merge in $12.8bn Deal
November 5, 2025
SM Energy and Civitas Resources have agreed to merge in a $12.8bn all-stock deal, creating a new US shale oil and gas giant that will operate under the SM Energy name. Under the terms, Civitas’ shareholders will receive 1.45 SM Energy shares for each Civitas share, giving them 52% ownership of the combined company, while SM shareholders will hold 48%. The new board will have six SM-appointed and five Civitas-appointed directors, with Herb Vogel continuing as CEO and Beth McDonald’s succession plan as President and COO remaining in place. The merged entity will control 823,000 acres, primarily in the Midland Basin (Permian) and Colorado’s DJ Basin, and expects $200mn in annual synergies, with potential upside to $300mn. The deal reflects the ongoing wave of consolidation in the US shale sector. Fitch and S&P both placed the ratings of SM Energy on positive watch following the merger announcement.
Bonds of SM Energy traded stable with its 6.75% 2029s at 99.5, yielding 6.89%
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