Permian Resources said on Monday it would buy Earthstone Energy in an all-stock transaction valued at about $4.5 billion, including debt, boosting the shale producer's presence in the Delaware Basin.
With Monday's deal, Permian Resources would have pro forma production of about 300,000 barrels of oil equivalent per day .
Shares of Earthstone jumped 8.6% to $17.63 in premarket trading, while Permian Resources declined more than 3% to $12.45.
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