据 2 月 12 日的新闻稿称，随着页岩油行业继续快速整合，二叠纪盆地巨头Diamondback Energy和Endeavor Energy将进行价值 260 亿美元的大型合并。价格标签包括奋进公司的债务。

Diamondback 将通过现金加股票协议收购 Endeavor，这将通过一次势均力敌的合并打造出一家总价值超过 520 亿美元的二叠纪巨头。交易对价将包括约 1.173 亿股 Diamondback 普通股和 80 亿美元现金（根据惯例调整）。

Endeavor 是米德兰盆地最大的私营纯运营商，而 Diamondback 是一家二叠纪纯运营商，专注于特拉华州南部和米德兰盆地。

Diamondback 表示，预计每年的协同效应将达到 5.5 亿美元，相当于十年内净现值 30 亿美元。其中包括约 3.25 亿美元的资本和运营成本协同效应；1.5亿美元的资本配置和土地协同效应；财务和企业成本协同效应约为 7500 万美元。

Endeavor 由 85 岁的野心勃勃的人奥特里·斯蒂芬斯 (Autry Stephens) 创立，是二叠纪盆地中最大的出售品。据《华尔街日报》报道，较小的响尾蛇号的出价高于康菲石油公司和其他公司。奋进号完全由斯蒂芬斯持有。

“这是两家实力雄厚、成熟的公司合并，创建一家必须拥有的北美独立石油公司。合并后公司的库存将具有行业领先的深度和质量，将以行业最低的成本结构转化为现金流， Diamondback 董事长兼首席执行官特拉维斯·斯蒂斯 (Travis Stice) 在新闻稿中表示：“此次合并满足了成功合并所需的所有标准：健全的产业逻辑与切实的协同效应、改进的合并资本配置以及显着的效益。”近期和长期的财务增值。通过这种组合，响尾蛇不仅变得更大，而且变得更好。”

Hart Energy 在 11 月份报道称，Endeavour 的售价可能高达 300 亿美元。路透社去年 12 月报道称，要价至少在 250 亿至 300 亿美元之间。

根据 11 月惠誉评级报告，总部位于德克萨斯州米德兰的 Endeavor 平均日产量为 331,000 桶油当量，较 2022 年增长 25%。据惠誉称，Endeavour 的产量为 57% 原油和约 80% 液体，包括 NGL。

惠誉预计，如果明年的基本油价假设为 70 美元，2025 年的油价为 65 美元，Endeavour 的自由现金流在 2024 年和 2025 年将达到 10 亿美元。2024 年石油产量的约 10% 以 70 美元对冲；伴生气——约 20%——价格为 3.25 美元。

Endeavour 运营着 1,000 多口水平井，其分布区域大部分是连续的，集中在德克萨斯州的马丁县、米德兰县和里根县。截至 10 月中旬，该公司拥有 13 座钻井平台。

据 Endeavor 称，这家拥有 45 年历史的勘探与生产公司拥有 1,200 名员工，拥有约 470,000 净英亩土地，其中包括位于米德兰盆地核心的 344,000 净英亩土地。

页岩油行业，尤其​​是二叠纪盆地，在油价上涨但更加稳定以及市场上缺乏优质库存的情况下正在迅速整合。私人企业正在出售，企业并购也在增加。

去年，上游并购金额达到创纪录的 1,920 亿美元，其中埃克森美孚以约 600 亿美元收购先锋自然资源 (Pioneer Natural Resources) 为首。

雪佛龙、康菲石油公司和西方石油公司都是二叠纪盆地的其他顶级石油公司，如果交易成功，响尾蛇公司希望扩大规模，而不是成为收购候选者。

斯蒂斯表示，该公司建立在“收购和利用”战略的基础上，将继续遵循收购新资产的一贯标准：收购必须对公司具有逻辑上的工业意义，立即争夺资本并具有增值性关于公司的财务指标。

路透社去年 12 月表示，去年，斯蒂芬斯曾要求摩根大通银行家准备在 2024 年第一季度启动 Endeavor 的出售流程。

斯蒂芬斯在新闻稿中表示：“我们相信 Diamondback 是 Endeavor、我们的员工、家庭和社区的正确合作伙伴。我们将共同为股东和其他利益相关者创造价值。”

Permian Basin giants Diamondback Energy and Endeavor Energy will combine in a $26 billion megamerger as the shale sector continues to rapidly consolidate, according to a Feb. 12 press release. The price tag includes Endeavor’s debt.

Diamondback will acquire Endeavor in a cash-and-stock agreement that would create a Permian juggernaut with a combined value of more than $52 billion in a merger of near equals. The transaction consideration will consist of approximately 117.3 million shares of Diamondback common stock and $8 billion of cash, subject to customary adjustments.

Endeavor is the largest, privately held pure-play operator in the Midland Basin, while Diamondback is a Permian pure-play focused on both the Southern Delaware and Midland basins.

Diamondback said it sees annual synergies of $550 million, representing $3 billion in net present value over the decade. That includes capital and operating cost synergies of approximately $325 million; capital allocation and land synergies of $150 million; and financial and corporate cost synergies of approximately $75 million.

Endeavor, founded by wildcatter Autry Stephens, 85, has been the largest prize for sale in the consolidating Permian. The Wall Street Journal reported that the smaller Diamondback reportedly outbid ConocoPhillips and others. Endeavor is fully held by Stephens.

"This is a combination of two strong, established companies merging to create a must own' North American independent oil company. The combined company's inventory will have industry-leading depth and quality that will be converted into cash flow with the industry's lowest cost structure, creating a differentiated value proposition for our stockholders,” Travis Stice, chairman and CEO of Diamondback said in the release. "This combination meets all the required criteria for a successful combination: sound industrial logic with tangible synergies, improved combined capital allocation and significant near and long-term financial accretion. With this combination, Diamondback not only gets bigger, it gets better."

Hart Energy reported in November that Endeavor could sell for up to $30 billion. Reuters reported in December that the ask was for a minimum of between $25 billion and $30 billion.

Midland, Texas-based Endeavor produces an average 331,000 boe/d, up 25% from 2022, according to a November Fitch Ratings report. Endeavor’s output is 57% crude oil and about 80% liquids, including NGL, according to Fitch.

Fitch expects Endeavor’s free cash flow to be $1 billion in 2024 and 2025 at a base-case oil price assumption of $70 next year and $65 oil in 2025. About 10% of 2024 oil production is hedged at $70; associated gas—about 20%—at $3.25.

Endeavor operates more than 1,000 horizontal wells on its mostly contiguous footprint concentrated in Martin, Midland and Reagan counties, Texas. The company had 13 rigs drilling as of mid-October.

The 45-year-old E&P, which employs 1,200, holds about 470,000 net acres, including 344,000 net acres in the core of the Midland Basin, according to Endeavor.

The shale industry, especially the Permian, is quickly consolidating amid higher, but more stable, oil prices and a lack of premier inventory on the market. Private players are selling and corporate M&A is on the rise.

Last year saw a record-breaking $192 billion in upstream M&A, led by the roughly $60 billion acquisition of Pioneer Natural Resources by Exxon Mobil.

With Chevron, ConocoPhillips and Occidental Petroleum among the Permian’s other top players, Diamondback is looking to scale up rather than be a takeover candidate for now if the deal comes to fruition.

Stice said the company, built on an “acquire and exploit” strategy, will continue to follow the same criteria it always has for purchasing new assets: The acquisition must make logical industrial sense for the company, compete for capital immediately and be accretive on the company’s financial metrics.

Last year, Stephens had asked JPMorgan Chase bankers to prepare to launch a sale process for Endeavor in the first quarter of 2024, Reuters had said in December.

"We believe Diamondback is the right partner for Endeavor, our employees, families and communities,” Stephens said in the press release. "Together we will create value for shareholders and our other stakeholders.”