Permian rivals reach deal to create $50 billion oil-and-gas behemoth
Mint Mumbai|February 13, 2024
Rivals Diamondback Energy and Endeavor Energy Resources are merging to create an oil-and-gas behemoth worth more than $50 billion, as higher oil prices and a rush to grab prime acreage fuel consolidation in the energy sector.
Lauren tThomas
Permian rivals reach deal to create $50 billion oil-and-gas behemoth

Diamondback announced the deal with the closely held Endeavor on Monday morning.

The Wall Street Journal reported on Sunday that a merger was likely.

Endeavor, founded by wildcatter Autry Stephens, has long been one of the most prized businesses in the consolidating Permian Basin, the largest U.S. oil patch that straddles West Texas and New Mexico.

In striking a deal for Endeavor, Diamondback fended off competition from other parties including ConocoPhillips, according to people familiar with the matter.

The stock-and-cash deal valued Endeavor at around $26 billion, and Diamondback shareholders would own the majority of the combined company after it closes. Diamond back, based in Midland, Texas, has a market value of around $27 billion.

A pair of megadeals by Exxon Mobil and Chevron late last year helped prompt a flurry of deals in the sector. It is another sign that the U.S. economy is proving surprisingly resilient and that for many companies, it is business as usual even amid elevated interest rates.

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