Potential $50 billion Southwestern energy giant emerges as Diamondback seeks to buy rival Endeavor - ET EnergyWorld
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Diamondback Energy Inc. plans to buy Endeavor Energy Resources in a cash-and-stock deal valued at about $26 billion, creating a potential $50 billion Southwestern energy giant. The combined company would be a major player in the Permian Basin oil and gas field, the largest oil field in the United States. Diamondback would become the third-largest producer in the Permian, overseeing 838,000 acres and potentially producing 816,000 oil-equivalent barrels each day. The deal is expected to close in the fourth quarter and has been approved by the boards of both companies. Shareholders of Diamondback Energy Inc. will own about 60.5% of the combined company, while Endeavor's equity holders would own approximately 39.5%. The deal is part of a trend of massive deals in the energy sector driven by growing confidence in an economic recovery.
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