Diamondback Energy, Inc. has announced that it has closed its merger with Endeavor Energy Resources, L.P.
According to the initial announcement made in February this year, the cash-and-stock deal is valued at US$26 billion.
Following the merger, Diamondback's existing shareholders own approximately 60.5% of the combined entity while Endeavor’s equity holders own the remaining 39.5% interest.
With a workforce of more than 1200, its assets encompass around 470 000 net acres across various basins, including a concentrated 344 000 net acres in the Core 6 counties of the Midland Basin.
The merged company is projected to produce 816 000 bbls of oil and gas daily and will have a pro forma footprint of around 838 000 net acres.
Following the announcement of the deal, Diamondback underwent two comprehensive reviews by the FTC for the deal.
“We are pleased to announce the closing of this transformative merger, creating a ‘must own’ North American independent oil company,” said Travis Stice, Chairman and Chief Executive Officer of Diamondback. “Today, Diamondback is not only bigger, but better. Our high-quality inventory located in the heart of the Permian Basin gives us the running room to do what we do best: turn rock into cash flow.”
Mr. Stice continued, “I would like to thank our employees for all their hard work in getting this deal across the finish line and welcome the Endeavor employees to the Diamondback team. Together, I am confident we can continue to build off of Diamondback’s impressive operational track record of low-cost operations and position the new Diamondback for long-term success.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/13092024/diamondback-energy-closes-merger-with-endeavor-energy-resources/