World Oil
(WO) – Last week, Diamondback Energy’s shareholders voted to approve its “transformational” combination with Endeavor Energy Resources, L.P. According to a letter to shareholders, the combination will create a “must-own North American independent oil and gas company.”
Additionally, the combined business will have an “unmatched depth of high-quality inventory in the core of the Midland basin,” part of the greater Permian basin in the U.S.
On April 29, 2024, Diamondback received a second request for information and documents from the Federal Trade Commission. However, the request should not impede the company’s ability to close the Endeavor merger by Q4 2024.
Diamondback Energy announced its $26 billion purchase of Endeavor Energy in February 2024. The announcement followed a wave of M&A activity in the Permian basin, like ExxonMobil’s historic purchase of Pioneer Natural Resources Co. and Chevron’s acquisition of Hess Corporation.
