Permian Basin pure-play Earthstone Energy Inc. is on an acquisition tear,  announcing Monday it is scooping up West Texas-focused private Bighorn Permian Resources LLC for around $860 million.

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Earthstone, headquartered in The Woodlands north of Houston, agreed to pay $770 million cash and trade 6.8 million shares valued at $90 million for the Permian Midland sub-basin producer.

In December Earthstone bought Chisholm Energy Holdings LLC, another private, whose focus is New Mexico’s Delaware sub-basin. Other Permian-related transactions also were completed last year.

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“Combining the Bighorn acquisition with the four acquisitions completed in 2021 and the pending...