Diamondback Energy Announces Acquisition of Double Eagle Assets

Details

entered into an agreement to acquire certain subsidiaries of Double Eagle IV Midco, LLC for $3.0 billion in cash and approximately 6.9 million shares of Diamondback common stock. The acquisition, expected to close on April 1, 2025, aims to accelerate development in the Midland Basin, enhance free cash flow, and reduce pro forma debt by committing to sell at least $1.5 billion of non-core assets. Management highlighted the strategic value of the acquisition, noting the addition of high-quality inventory and potential for significant growth.

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About Diamondback Energy Inc.

Diamondback Energy Inc. is a publicly traded company that engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas. Its primary function is to extract hydrocarbon resources, which includes both crude oil and natural gas, through advanced drilling and recovery techniques. Diamondback Energy leverages its extensive portfolio of assets across the prolific Permian Basin, which is renowned for its rich oil and gas deposits and low-cost production benefits. The company plays a significant role in the energy sector by providing essential natural resources that fuel modern economies. Its strategic focus on high-margin assets and efficient operational practices make it a notable player in the United States energy market. Diamondback's operations impact sectors involved in energy supply, industrial production, and transportation. Headquartered in Midland, Texas, Diamondback Energy is committed to sustainable growth and maximizing shareholder value, ensuring its ongoing contribution to the energy landscape and the broader commodities market.