U.S. oil and gas producer Continental Resources Inc said on Wednesday it has agreed to buy the Delaware Basin assets of peer Pioneer Natural Resources for $3.25 billion, expanding Continental's operations into Texas.
It is the latest sign that soaring crude prices are emboldening some U.S. energy companies to pursue deals as they seek to ramp up production.
The company entered Wyoming's Powder River Basin earlier this year through a small acquisition. The deal with Pioneer gives it a claim to the Delaware portion of the Permian Basin, the heart of the U.S. shale industry. Continental's shares dropped 5.6% on Wednesday after Reuters revealed that the companies were nearing a deal ahead of the official announcement. Pioneer shares ended trading almost flat.
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