Another Billion-Dollar U.S. Oil Acquisition Is on the Horizon

SM Energy is reportedly in talks to acquire XCL Resources in a deal that has been valued at $3 billion. XCL Resources is a major player in Utah’s Uinta Basin, a shale formation that has not been getting as much attention as the Permian but is a contributor to the U.S. total in light, sweet shale crude. The news follows a Reuters report from March this year that the owner of XCL Resources, EnCap Investments, was looking for a buyer after it failed to merge XCL Resources with another local player in the Uinta Basin because antitrust…