Autry Stephens, an 85-year-old oil tycoon, recently sold his company, Endeavor Energy Resources, to Diamondback Energy for $26 billion, making him one of the richest people in the world. Despite this, Stephens expressed reluctance about the sale, citing his attachment to the company and its employees. His unassuming style and modest upbringing have shaped his approach to wealth, and he has yet to decide how to spend his newfound billions.
Diamondback Energy, Inc. (FANG) and Endeavor Energy Resources, L.P. have agreed to merge in a $26 billion deal, creating a dominant player in the U.S. shale oil industry with significant scale and production capacity in the Permian Basin. The merger is expected to result in annual synergies of $550 million and is set to be completed in the fourth quarter of 2024, subject to regulatory approvals. The combined company aims for sustained growth, enhanced operational efficiency, and cash flow generation, with a focus on delivering value to shareholders and maintaining an investment-grade balance sheet.
Diamondback Energy has announced a $26 billion deal to acquire Endeavor Energy Resources, creating a leading producer in the Permian Basin, following similar moves by ExxonMobil and Occidental Petroleum. The merger is expected to result in significant cost savings and increased free cash flow, driving financial accretion for Diamondback. This consolidation trend in the oil industry is likely to prompt further mergers and acquisitions as companies seek to capitalize on scale advantages and enhance their growth profiles.
After years of resisting offers from major oil companies, 86-year-old wildcatter Autry Stephens has finally sold his Endeavor Energy Resources to Diamondback Energy in a $26 billion deal, receiving $8 billion in cash and 117.3 million new Diamondback shares. Stephens' doggedness in building and holding onto the company has earned him an estimated fortune of $14.8 billion. The deal represents the culmination of an incredible contrarian success story for Stephens, who started in the industry by buying a rig and drilling his first oil well in 1979. The acquisition moves the North American oil industry further down the path of consolidation, with Diamondback vying to become one of the most valuable independent oil companies in the S&P 500.
Diamondback Energy has agreed to acquire Endeavor Energy Resources for $26 billion, creating a new Permian Shale giant and sparking a surge in FANG stock. The deal involves a combination of cash and stock, with existing Diamondback holders set to own 60.5% of the combined company. This acquisition follows a series of major energy deals, including Exxon Mobil's purchase of Pioneer Natural Resources and Chevron's acquisition of Hess. Diamondback Energy stock jumped 10% following the announcement.
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.
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.
U.S. shale oil companies Diamondback Energy and Endeavor Energy Resources are close to finalizing a $25 billion cash-and-stock deal that would create an oil and gas company valued at over $50 billion, making it the third largest producer in the Permian Basin. The deal is expected to be announced soon and would give Diamondback's shareholders more than half of the combined companies. The consolidation reflects a trend in the industry as major players seek to secure future drilling inventory and output from the largest U.S. oilfield.
