Citizen Energy Acquisition, Valuation, Funding & Investors

Citizen Energy was acquired by Validus Energy for $2B in September 2024, a 2.1x multiple on $964M of revenue.

Citizen Energy acquisition price

$2B

Acquired by Validus Energy · Sep 2024

Citizen Energy revenue at acquisition

$964M

Last twelve months · Sep 2024

Citizen Energy revenue multiple at acquisition

2.1x

EV/Revenue · Sep 2024

Cumulative funding Citizen Energy raised

$81M

across 2 funding rounds

Citizen Energy Overview

About Citizen Energy

Citizen Energy is a Tulsa-headquartered oil and gas firm founded in 2012, focusing on horizontal drilling in the Anadarko Basin across Oklahoma, Texas, Arkansas, and Louisiana. Its management team applies expertise in shale plays to develop unconventional resources, operating wells in formations like Woodford and Haynesville.


Founded

2012

HQ

United StatesTulsa, OK

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$964M (Sep 2024)

Valuation

$2B (acquired Sep 2024)

Sectors

Citizen Energy Acquisition

Citizen Energy was acquired by Validus Energy for $2B on 26 September 2024.

The acquisition price implies a 2.1x revenue multiple on $964M of revenue.

Before the acquisition Citizen Energy had raised $81M across 2 funding rounds.

Validus Energy, a Denver-based privately held oil and gas exploration and production company backed by institutional investors including ex-investment banker Cameron Brown and Skye Callantine of Felix Energy, has reached a deal to acquire rival Tulsa-based Citizen Energy for over $2 billion including debt. Citizen Energy, launched in 2018 with a $300 million equity commitment from Warburg Pincus, grew into one of the largest private oil and gas producers in the Mid-Continent Basin spanning Oklahoma, Texas, Kansas, and Arkansas through strategic acquisitions such as Roan Resources for $1.52 per share in 2019. Validus won the auction over other bidders after Citizen began exploring a sale following Validus's offer, marking Validus's second major Mid-Continent acquisition in 2024 after purchasing $450 million in assets from Continental Resources earlier in the year; Validus had previously sold its South Texas venture to Devon Energy for $1.8 billion in 2022. The deal, reported in September 2024, aligns with accelerated consolidation in the U.S. shale industry and Anadarko Basin amid post-COVID oil price surges favoring buyers securing prime drilling locations, though the Mid-Continent Basin underperformed production expectations from mid-2010s investments leading to discounted sales. Citizen's assets include 326,000 net acres, 720 operated wells, and 86 MBOED primarily in the Anadarko. Neither company has publicly confirmed the transaction as of reports.

Citizen Energy acquisition details
AcquirerDateTypePriceEV/Revenue
  • Validus Energy
26 Sep 2024Strategic M&A$2B2.1x

Citizen Energy Funding History

Citizen Energy has raised a total of $81M across 2 funding rounds.

Citizen Energy's first fundraising round was a $79M undisclosed-stage round in June 2015. The most recent completed round was a $2M seed round in July 2022.

Citizen Energy funding rounds

Citizen Energy funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2022Seed-$2M-
Jun 2015Undisclosed stageWarburg Pincus (lead)$79MCitizen Energy is an exploration and production (E&P) company focused on the Anadarko Basin, particularly the Mid-Continent region spanning Oklahoma, Texas, Kansas, and Arkansas. Backed by Warburg Pincus, it expanded through strategic acquisitions, becoming one of the largest private oil and gas firms in the basin. In 2018, Citizen Energy received a $300 million equity commitment from Warburg Pincus, supporting growth amid a challenging Mid-Continent basin market that drew mid-2010s investors but later underperformed production expectations. By 2019, Citizen Energy, as an affiliate of Warburg Pincus, acquired Roan Resources in an all-cash transaction valued at $1.0 billion including $780 million funded net debt, executing a take-private strategy in the core MERGE play. Equity financing came from Warburg Pincus-affiliated funds. Citizen Energy Operating, LLC, a subsidiary of Citizen Holdings and Warburg affiliate, was involved in these activities. The company later explored a sale, reaching a deal in recent years for Validus Energy to acquire it for over $2 billion including debt, after beating other bidders.

Who has invested in Citizen Energy?

1 investor has backed Citizen Energy across its funding rounds, including Warburg Pincus.

Lead investors include Warburg Pincus.


Citizen Energy Investors

Investors in Citizen Energy by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Citizen Energy

Citizen Energy has acquired 2 companies to date.

Last acquisition by Citizen Energy was on August 24th 2020. Citizen Energy acquired Blue Mountain Midstream LLC for $111M.


Latest Acquisitions by Citizen Energy

Blue Mountain Midstream LLC
Roan Resources
Description
Blue Mountain Midstream LLC is a Fort Worth-based subsidiary of Riviera Resources that gathers, processes, and transports natural gas, crude oil, and NGLs in the Permian Basin. Operating 200 miles of pipelines and a 60 MMcf/d processing plant in Reeves County, Texas, it connects to Waha Hub markets. Formed in 2018, the company handles 100,000 barrels daily and provides fractionation services.
-
HQ CountryUnited StatesUnited States
HQ City
Tulsa, OK
-
Deal Date24 Aug 20201 Oct 2019
Valuation$111M$1B
EV/Revenue
EV/EBITDA

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Citizen Energy Competitors

Citizen Energy competitors include listed companies like CIMC Enric, DNO, Genesis Energy New Zealand and Helix Energy Solutions, and private ones like Yantai Wanhua Petrochemical and Yinson Production.

Public and private companies comparable to Citizen Energy
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CIMC EnricChinaChinaPublicly listed$3.9B$271M$2B0.4x
DNONorwayNorwayPublicly listed$1.5B$905M$2B1.2x
Genesis Energy New ZealandNew ZealandNew ZealandPublicly listed$1.6B$210M$2B1.5x
Helix Energy SolutionsUnited StatesUnited StatesPublicly listed$1.3B$200M$2B1.5x
Yantai Wanhua PetrochemicalChinaChinaPrivate--$2.6B-
Yinson ProductionSingaporeSingaporePrivate$606M-$3.7B6.1x

Citizen Energy Public Comps

Citizen Energy is no longer listed, but its public comps include CIMC Enric, DNO, Genesis Energy New Zealand, Helix Energy Solutions, Energean, Innovex International, Vermilion Energy, NGL Energy Partners, Spartan Delta and Maurel & Prom.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
CIMC Enric$3.9B$271M0.4x0.4x5.9x5.3x
DNO$1.5B$905M2.1x1.2x3.4x1.8x
Genesis Energy New Zealand$1.6B$210M1.6x1.5x12.3x8.4x
Helix Energy Solutions$1.3B$200M1.5x1.5x9.6x6.6x
Energean$1.7B$796M3.1x3.0x6.6x4.7x
Innovex International$978M$204M1.9x1.9x9.3x9.4x
Vermilion Energy$1.4B$395M2.1x1.9x7.2x3.4x
NGL Energy Partners$3.2B$336M1.9x1.8x18.2x8.8x

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Common questions about Citizen Energy

When was Citizen Energy founded?Citizen Energy was founded in 2012.
Where is Citizen Energy headquartered?Citizen Energy is headquartered in Tulsa, OK, United States.
Is Citizen Energy publicly listed?No, Citizen Energy was acquired by Validus Energy in September 2024.
Who acquired Citizen Energy?Citizen Energy was acquired by Validus Energy in September 2024.
How much was Citizen Energy acquired for?Citizen Energy was acquired for $2B in September 2024, a 2.1x revenue multiple.
How much funding has Citizen Energy raised?Citizen Energy has raised $81M across 2 funding rounds.
What was Citizen Energy's last funding round?Citizen Energy's last funding round was a $2M seed round in July 2022.
Who are Citizen Energy's investors?Citizen Energy's investors include Warburg Pincus.
Which companies are comparable to Citizen Energy?Companies comparable to Citizen Energy include CIMC Enric, DNO, Genesis Energy New Zealand, Helix Energy Solutions, Yantai Wanhua Petrochemical and Yinson Production.
How many companies has Citizen Energy acquired?Citizen Energy has acquired 2 companies, including Blue Mountain Midstream LLC and Roan Resources.
What was the largest acquisition by Citizen Energy?The $1B acquisition of Roan Resources in October 2019 is the largest acquisition Citizen Energy has made to date.

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