Mega US shale deal: Diamondback to buy Endeavor for $26 billion
Shale producer Diamondback Energy said on Monday it would buy the largest privately held oil and gas producer in the Permian Basin, Endeavor Energy Partners, in a cash-and-stock deal valued at about $26 billion, including debt.
The combined company would be the third largest oil and gas producer in the region behind Exxon and Chevron, with the latter also having announced recent deals.
The deal comes amid a wave of consolidation in the prolific Permian basin to boost production — the biggest in 2023 was Exxon Mobil buying Pioneer Natural Resources in a $60 billion deal.
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.
(You can now subscribe to our Economic Times WhatsApp channel)
