Crestone Peak Resources LP

Crestone Peak Resources LP is focused on oil and natural gas exploration and production, committed to sustainable energy practices in the Denver-Julesburg and Permian basins while addressing the energy needs of various sectors. Crestone Peak Resources LP engages in the exploration and production of oil and natural gas. Founded in 2016, the company is headquartered in Denver, US. It has completed a total of 2 deals, with its most recent deal dating to June 7, 2021.

The company was involved in a significant acquisition where Civitas Resources Inc agreed to acquire it for USD 1. 3 billion of equity and debt, facilitating the creation of a Colorado-based oil and gas producer valued at approximately USD 4. 5 billion. The transaction was anticipated to close in the fall of 2021, dependent on customary closing conditions.

Crestone Peak Resources specializes in the exploration and production of oil and natural gas, establishing itself within the Denver-Julesburg and Permian basins. Its core offerings focus on hydrocarbon extraction and production while implementing carbon-neutral practices. The company meets the rising energy demand from various sectors, including energy utilities, industrial firms, and transportation, ensuring a reliable and sustainable energy supply across Colorado, New Mexico, and Texas. Crestone Peak Resources generates revenue through the sale of oil and natural gas to diverse clients in wholesale energy, manufacturing, and regional distribution sectors.

The company establishes business-to-business contracts structured as long-term agreements, aligning their energy procurement with sustainability goals. Transactions typically reflect market conditions and customer requirements, reinforcing its position as a trusted provider of carbon-neutral oil and gas solutions. Crestone Peak Resources plans to utilize its recent funding from the acquisition to expand its operations and enhance its product offerings. The acquisition by Civitas Resources Inc is expected to close in the fall of 2021 and will support the establishment of a more significant Colorado-based oil and gas producer.

This merger is anticipated to bolster Crestone Peak's market position and enable it to explore new opportunities in the energy sector.