Diamondback Boosts Midland Basin Presence With $4-Billion Acquisition ...Middle East

OILPRICE - Economy
Diamondback Boosts Midland Basin Presence With $4-Billion Acquisition
source : OILPRICE ( Middle East ) () 60
Diamondback Energy, Inc. (NASDAQ: FANG) on Tuesday announced a deal to buy Double Eagle IV Midco in an acquisition valued at about $4 billion, which gives the buyer increased presence in the Midland Basin in the top-oil producing U.S. formation, the Permian. Diamondback Energy has signed a definitive purchase agreement to buy certain subsidiaries of Double Eagle IV Midco, LLC in exchange for approximately 6.9 million shares of Diamondback common stock and $3 billion of cash, the company said, confirming earlier reports of the acquisition. “Double…

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