Big Law

Diamondback Energy Agrees to Buy Shale Oil Rival Endeavor Energy for $26 Billion

U.S. oil producer Diamondback Energy said on Monday it would buy privately held rival Endeavor Energy Partners in $26 billion cash-and-stock deal that continues a rapid consolidation in the top U.S. shale oilfield.

The combined company would be the third-largest oil and gas producer in the Permian Basin of West Texas and New Mexico, behind Exxon Mobil and Chevron, with both having announced recent deals.

The deal comes amid a wave of consolidation in the basin in a drive to boost ongoing production and secure future drilling inventory.

Read the source article at Yahoo News

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