Diamondback Energy 宣布以现金加股票的方式收购二叠纪盆地竞争对手 Endeavor Energy Resources，交易价值约 260 亿美元。

此次合并将创建一家价值近 600 亿美元的公司。根据 Enverus Intelligence Research (EIR) 的数据，这也突显了美国页岩油行业最近的重组，去年并购金额超过 1,920 亿美元，仅本季度就增加了 400 亿美元。

这一趋势凸显了大型运营商增加大量流动桶以及未开发的钻井地点的动力，以确保长期生存能力。迄今为止，自 2022 年以来，Diamondback 本身已通过其他现金加股票交易赚取了超过 40 亿美元的资金，以增强其钻探库存和矿权现金流。

最新的收购将使 Diamondback 的原油产量从 273,000 桶/日增加至 468,000 桶/日，将其预计可盈利 40 美元/桶石油的未来钻井地点从 3,800 桶扩大至 6,100 桶，并将其总面积增加近 70% 至 838,000 桶英亩。

交易条款包括向卖方发行超过 1.17 亿股 Diamondback 普通股，以及 80 亿美元现金，并承担 Endeavour 的债务。完成后，Diamondback 股东将拥有新实体 60.5% 的股份，Endeavour 股东则控制剩余的 39.5%。

Diamondback 首席执行官 Travis Stice 强调了此次合并的战略优势，他表示：“此次合并符合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近期和长期财务增值.”

他补充道，“通过这种组合，响尾蛇不仅变得更大，而且变得更好。”

Diamondback 的公告指出，该公司在完井过程中使用的支撑剂和流体装载量与 Endeavor 几乎相同，但平均每个部分有 25 口井，而卖方为 21 口。

由于两家公司之间拥有大量连续面积，Diamondback 预计将获得新的运营效率，使其能够钻更长的水平井，并更多地依靠共同开发战略来减轻压裂影响的母子效应。该公司还计划对 Endeavor 的资产采用 simulfrac 作业，这种做法可以同时完成两口井，这使得 Diamondback 的压裂速度自 2019 年以来增加了一倍。

资料来源：响尾蛇能源。

Endeavor 由二叠纪杰出人物 Autry Stephens 于 1979 年创立，长期以来一直是主要收购目标，但其售价较 2018 年报道的 80 亿美元明显大幅上涨。

EIR 高级副总裁安德鲁·迪特玛 (Andrew Dittmar) 将 Endeavor Energy 的收购价格归因于其在二叠纪盆地拥有 45 年的悠久历史。正如他所强调的那样，“Indeavour 早在页岩热潮到来之前就获得了二叠纪盆地目前最有价值的土地，并且是为数不多的能够提高 Diamondback 投资组合质量的收购目标之一。”

迪特玛在分析中表示，尽管这笔交易才刚刚发生在二月份，但它可能是今年美国最大的上游交易。他将 Endeavor 描述为二叠纪并购领域最后的“拼图”之一，并指出自 2021 年以来该地区销售额超过 800 亿美元，私募股权赞助的公司名单不断减少。

迪特玛还指出了公共生产商的一个平行趋势，即下一波交易可能集中于剥离非核心资产。不过，他提到，当前的现金流正在降低短期内此类销售的紧迫性，这表明快速交易步伐可能会暂停。

Diamondback 对 Endeavor 的收购预计将在第四季度完成，预计每年可节省 5.5 亿美元，主要来自资本和运营协同效应。合并后的公司将留在德克萨斯州米德兰，也是两家公司目前的总部所在地。

Diamondback Energy has announced its acquisition of Permian Basin rival Endeavor Energy Resources in a cash-and-stock deal valued at approximately $26 billion.

The consolidation will create a firm worth almost $60 billion. It also underscores the recent shake up of the US shale sector, following a year in which mergers and acquisitions topped $192 billion, with an additional $40 billion occurring in this quarter alone, according to figures from Enverus Intelligence Research (EIR).

The trend underscores the drive of large operators to add significant volumes of flowing barrels along with untapped drilling locations to secure long-term viability. Prior to today, Diamondback itself has made more than $4 billion in other cash-and-stock deals to enhance its drilling inventory and cash flow from mineral rights since 2022.

The latest acquisition is set to balloon Diamondback’s crude production from 273,000 to 468,000 B/D, expand its future drilling locations expected to be profitable at $40/bbl oil from 3,800 to 6,100, and increase its gross acreage by nearly 70% to 838,000 acres.

Transaction terms include issuing over 117 million shares of Diamondback common stock to the sellers, along with $8 billion in cash, and taking on Endeavor’s debt. Upon completion, Diamondback stockholders will own 60.5% of the new entity, with Endeavor’s shareholders controlling the remaining 39.5%.

Travis Stice, Diamondback's CEO, highlighted the merger's strategic benefits, stating, “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.”

He added, “With this combination, Diamondback not only gets bigger, it gets better.”

Diamondback’s announcement pointed out that it uses almost identical proppant and fluid loadings in its well completions as Endeavor but averages 25 wells per section compared to the seller’s 21.

With substantial contiguous acreage between the two firms, Diamondback expects to gain new operational efficiencies, enabling it to drill longer horizontal wells and rely more on co-development strategies to mitigate the parent-child effect from frac hits. The company also plans to employ simulfrac operations on Endeavor’s assets, a practice of completing two wells at once that has doubled Diamondback’s fracturing pace since 2019.

Source: Diamondback Energy.

Endeavor, founded in 1979 by Permian luminary Autry Stephens, has long been a prime acquisition target, but its sale price has apparently significantly appreciated from the $8 billion figure that was reported in 2018.

Andrew Dittmar, senior vice president at EIR, attributed Endeavor Energy's commanding acquisition price to its longstanding 45-year history in the Permian Basin. As he highlighted, “Endeavor was able to secure what is now among the most valuable acreage in the Permian well before the shale boom came around and is one of the few acquisition targets that improves the quality of Diamondback’s portfolio.”

In his analysis, Dittmar suggested that this deal, despite it being only February, could be the largest US upstream transaction of the year. He described Endeavor as one of the final "puzzle pieces" in the Permian’s merger and acquisition landscape, noting there is a dwindling list of private-equity-sponsored companies following sales exceeding $80 billion in the region since 2021.

Dittmar also pointed out a parallel trend among public producers, where the next wave of dealmaking could focus on divesting noncore assets. However, he mentioned that current cash flows are reducing the urgency for such sales in the near term, indicating a potential pause in the rapid pace of transactions.

Expected to generate $550 million in annual savings, primarily from capital and operating synergies, Diamondback’s acquisition of Endeavor is slated for closure in the fourth quarter. The combined company will remain in Midland, Texas, where both companies are currently headquartered.