Reported 2 days ago
Diamondback Energy Inc. is set to enhance its presence in the Permian Basin by acquiring subsidiaries of Double Eagle IV Midco LLC for approximately $4.1 billion, making it a crucial move for North America's leading independent oil producer. The deal, financed by $3 billion in cash and 6.9 million shares, is part of a strategy to bolster operational efficiency in a maturing industry. With the acquisition, Diamondback aims to increase its production capacity and strengthen its competitive position in the Midland sub-region of the Permian, where the newly acquired assets are expected to yield an average of 27,000 barrels of oil per day.
Source: YAHOO