"Texas Oil Giants Diamondback and Endeavor Merge in $26 Billion Deal"
Diamondback Energy has announced a $26 billion cash-and-stock deal to acquire Endeavor Energy Partners, solidifying its position as the third-largest oil and gas producer in the Permian Basin. The consolidation trend in the industry continues, with the combined company expected to pump 816,000 barrels of oil and gas per day. The deal is aimed at boosting ongoing production and securing future drilling inventory, with Diamondback expecting $550 million in annual synergies. The acquisition is set to close in the fourth quarter, with Diamondback stockholders owning 60.5% of the combined entity and Endeavor owning the rest.