Diamondback Energy and Endeavor Energy to Merge, Deal Valued at $26 Billion

Diamondback Energy and Endeavor Energy to Merge, Deal Valued at $26 Billion Feb. 13, 2024, 9:04 a.m., readers: 13

Diamondback Energy (NASDAQ:FANG) and Endeavor Energy Resources announced on Monday their agreement to merge in a deal valued at around $26 billion. This merger positions the combined company as a dominant force in the Permian Basin, an essential oil and gas production area spanning Texas and New Mexico, making it the premier Permian-exclusive producer. The energy sector has witnessed a surge in mergers and acquisitions despite challenges such as rising interest rates and tighter regulations. This trend is driven by high oil prices and companies' desires to expand their production capabilities. Notably, energy giants ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX) have also embarked on significant acquisition ventures recently.