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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Mega US shale deal: Diamondback to buy Endeavor for $26 billion
The deal would see the combined company pumping 816,000 barrels of oil equivalent per day (boepd), and annual synergies of $550 million, coming up to more than $3 billion in net value over the next decade. Diamondback expects the deal to close in the fourth quarter.
The massive energy price increase after Russia's attack on Ukraine has created a boom for oil producers. Now, the companies are sitting on billions of dollars. With the money, the industry is financing huge acquisitions and mergers - and clearly indicating that they will continue to bet on the raw material.
US energy company Diamondback Energy will acquire Endeavor Energy Resources, the largest private producer of oil and gas in the Permian Basin in the United States, for $26 billion (about CZK 609 billion). Diamondback said in a press release on Monday that the purchase price also included a takeover of Endeavor's debt.
The Globe & Mail
Diamondback to buy Endeavor Energy for about US$26-billion in growing Permian push
The combined company would be the third largest oil and gas producer in the region behind Exxon and Chevron, with both having announced recent deals
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