Diamondback Energy To Buy Endeavor Energy For $26 Billion


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    Diamondback Energy To Buy Endeavor Energy For $26 Billion

    In another sign of consolidation within the U.S. energy sector, Diamondback Energy (FANG) is buying Endeavor Energy Partners in a cash-and-stock deal worth $26 billion U.S.

    Endeavour Energy is the largest privately held oil and gas producer in the Permian Basin of Texas. The cost of the deal includes Endeavour's debt.

    The deal is the latest amid a wave of consolidation that is sweeping across the U.S. energy sector.

    Last fall, Exxon Mobil (XOM) announced a $60 billion U.S. takeover of Pioneer Natural Resources (PXD), and Chevron (CVX) said it would acquire Hess Corp. (HES) for $53 billion U.S.

    Endeavour Energy's operations span 350,000 net acres in the Midland, Texas area of the Permian Basin, which straddles West Texas and eastern New Mexico.

    The stock of Diamondback Energy has risen 2% in the last 12 months to trade at $151.74 U.S. per share. The company's share price is down less than 1% on news of the Endeavour deal.





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