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(Bloomberg) — Endeavor Energy, the largest closely-held oil and gas company in the Permian basin, is exploring a sale that could value it between $25 billion and $30 billion, according to Reuters.

The Midland, Texas-based company founded by Autry Stephens has enlisted JPMorgan Chase to launch a sale process in the first quarter of 2024, Reuters said, citing people familiar with the matter.

The move comes as Endeavor’s publicly traded rivals face pressure from investors to keep buybacks and dividends flowing even as the North American shale sector matures and growth slows. With many of the best production sites already tapped, companies flush with cash from the post-pandemic run-up in oil prices are increasingly buying rivals to secure new places to drill.

The potential sale follows ExxonMobil Corp.’s $60 billion agreement to buy Pioneer Natural Resources Co. and Chevron Corp.’s pending $53 billion takeover of Hess Corp.

Endeavor holds a massive position in the Permian and has drawn interest in the past from Exxon, Chevron Corp. and ConocoPhillips. It controls rights to about 350,000 acres and produces 331,000 barrels of oil equivalent per day, according to Bloomberg Intelligence.