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Published 12 days ago

Diamondback Energy close to buying Endeavor in $25bn US oil deal

  • Diamondback and Endeavor have reached a deal to merge, creating a major player in the Permian Basin oil and gas field. The merger will result in a newly formed company with Diamondback shareholders owning about 60.5% and Endeavor shareholders owning 39.5%.
  • The merger will make the combined company the third largest producer in the Permian Basin, with the potential to produce 816,000 oil-equivalent barrels per day.
  • This merger is seen as a significant milestone for Endeavor Energy, which has been in operation for almost 45 years.
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