US INDEPENDENT Earthstone Energy has blamed plunging commodity prices and volatile financial markets for the cancellation of its planned $950 million acquisition of smaller player Sabalo Holdings, writes Caroline Evans. "Despite the high quality of the Sabalo assets and the outstanding opportunity the transaction provided Earthstone, the drastic change in commodity prices and in the debt and equity markets has negatively affected the significant merits of the acquisition," Earthstone chief executive Frank Lodzinski said.
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