Diamondback Energy Inc.
Diamondback Energy Completes Acquisition of Endeavor Parent, LLC
Summary
On September 10, 2024, Diamondback Energy, Inc. completed its acquisition of Endeavor Parent, LLC, with Diamondback issuing approximately 117.27 million shares of its common stock and paying approximately $7.1 billion in cash to Endeavor's shareholders. The acquisition was financed through cash on hand and $1.0 billion in borrowings from a Term Loan Credit Agreement. Diamondback has filed unaudited pro forma combined financial statements to reflect the impact of the acquisition as if it had occurred on January 1, 2024, showing a total revenue of $15.511 billion and net income of $3.418 billion for the year ended December 31, 2024.
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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.
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