"Texas Oil Giants Merge in $50 Billion Deal to Dominate Permian Basin"
TL;DR Summary
Diamondback Energy has agreed to acquire Endeavor Energy Resources in a $26bn deal, creating a company valued at about $50bn. This merger is part of a trend of acquisitions in the oil and gas industry, driven by higher oil prices and the rush to increase output. The deal is focused on extracting more oil and gas from the US’s Permian oilfield, with Endeavor shareholders set to receive about 117m Diamondback shares plus $8bn in cash.
Topics:business#acquisition#business-energy#diamondback-energy#endeavor-energy-resources#merger#oil-and-gas
- US oil companies to merge in $26bn deal as firms rush to buy up drilling land The Guardian
- Diamondback Energy pays $26 billion for Endeavor, as oilfield deals keep flowing Axios
- Potential $50 billion Southwestern energy giant emerges as Diamondback seeks to buy rival Endeavor The Atlanta Journal Constitution
- Two Big Texas Oil Producers Announce $26 Billion Merger The New York Times
- Permian Rivals Reach Deal to Create $50 Billion Oil-and-Gas Behemoth The Wall Street Journal
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