March 3, 2024

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Diamondback to Buy Endeavor for $26 Billion in Oil Megadeal

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Diamondback Energy Inc. reached an agreement to buy fellow Texas oil-and-gas producer Endeavor Energy through a $26 billion deal that will create the largest pure-play operator in the prolific Permian Basin.

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(Bloomberg) — Diamondback Energy Inc. reached an agreement to buy fellow Texas oil-and-gas producer Endeavor Energy through a $26 billion deal that will create the largest pure-play operator in the prolific Permian Basin.

Diamondback will fund the deal through 117.3 million shares and $8 billion in cash, the two Midland, Texas-based companies said in a statement Monday. Diamondback shareholders will own 60.5% of the company after the deal closes, and Endeavor shareholders will own 39.5%.

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Bloomberg News

2024-02-12 06:44:50

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