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SM Power (NYSE:SM) is in superior talks to accumulate Utah oil and fuel producer XCL Assets, in a deal that might worth the privately-held firm at ~$3B, Bloomberg reported late Wednesday.
SM Power (SM) reportedly might announce a deal with XCL backers together with EnCap Investments within the coming days, though no closing resolution has been made.
A deal for XCL would prolong SM Power’s (SM) attain into the Uinta Basin, an oil and fuel area that produces a waxy form of oil used to make lubricants, in response to the report; SM operates largely within the Eagle Ford and Midland basins in Texas.