"Texas Oil Giants Merge in $50 Billion Deal"

Two major Texas oil producers, Diamondback Energy and Endeavor Energy Resources, have announced a $26 billion merger, with Diamondback's shareholders set to own about 60 percent of the combined company. The merger comes amidst a wave of consolidation in the U.S. energy industry, with both companies being significant players in the productive Permian Basin oil field. Diamondback Energy, which reported $9.6 billion in revenue and over $4 billion in profit in its last fiscal year, sees the merger as an opportunity to further strengthen its position as a low-cost operator and a consolidator in the future.