M&A RESEARCH - DEAL ALERT

JUN 28, 2024 DEAL THOUGHTS

Two More Impact Deals Close Out 02Q24

SM ENERGY & NOG BUY XCL RESOURCES

Matador Buys Ameredev II

All Cash Deals, EnCap Seller on Both

XCL Buy Gives SM Energy Core Oily Uinta

Uinta Basin has 17 Proven & Emerging Pays

SM Says 175% IRR Single Well Economics

Biggest Deal in Northern Oil & Gas' History

Matador Deals Again with EnCap

Becomes 7th Largest Delaware Producer

Also Gets 19% Stake in Pinon Midstream

Pro Forma Production Now 187,250 boepd

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STUDY 1011MA