Market Updates
Diamondback Energy to Acquire Privately Held Endeavor for $26 Billion
Scott Peters
12 Feb, 2024
New York City
Diamondback Energy rose 3.1% to $156.36 after the company agreed to merge with Endeavor Energy Partners in a deal worth $26 billion.
After the completion of the deal, Diamondback shareholders are expected to hold 60.5% stake in the merged entity, and Endeavor shareholders are expected to hold the remaining stake.
After the merger, Diamondback will be the largest independent and third-largest shale gas producer in the Permian Basin, Texas, following Exxon Mobil and Chevron.
Endeavor Energy Partners is the largest independent shale gas producer in the prolific shale gas field in the Permian Basin, spanning western Texas and eastern New Mexico.
The merged company anticipated pumping 816,000 barrels of oil equivalent per day and saving annual operating costs by $550 million.
Diamondback said the Endeavor deal is expected to close in the fourth quarter.
The merger between Diamondback and Endeavor follows the largest deal in Permian region after Exxon Mobil announced to acquire Pioneer Natural Resource for $60 billion in late 2023.
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