07:38 AM EDT, 10/02/2024 (MT Newswires) -- SM Energy ( SM ) said Wednesday that it has closed the acquisition of an 80% stake in XCL Resources' oil and gas assets in Utah's Uinta Basin for $2.1 billion.

The company said it has paid $1.9 billion in cash upon closing and had previously provided a $102 million deposit for the transaction. SM said the final purchase price is subject to customary post-closing purchase price adjustments.

It plans to fund the acquisition, which includes an option to acquire additional assets bordering XCL Resources' location, with a share of proceeds from a recent $1.5 billion senior notes offering, borrowings under its credit agreement, and existing cash.

Shares were almost 2% higher in recent premarket activity.

Price: 42.11, Change: +0.78, Percent Change: +1.89