Things are finally starting to liven up in the Texas oil and gas sector after months of investors cautiously sitting on the sidelines. Noble Energy’s recent move to acquire its smaller competitor Rosetta Resources, which has large assets in the Eagle Ford Shale and the Permian Basin Shale, is among the first big energy mergers in Texas in the wake of last year’s steep decline in oil prices.
When the transaction is completed, Houston-based Noble Energy will acquire all of the common stock of Rosetta in an all-stock transaction valued at $2.1 billion, plus the assumption of Rosetta’s net debt of $1.8 billion.
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