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Diamondback Energy, Endeavor Energy Resources agree to merger valued at $26 bn

February 12, 2024 6:27 AM EST

Investing.com -- Diamondback Energy (NASDAQ: FANG) and Endeavor Energy Resources have agreed to merge in a transaction valued at approximately $26 billion, according to a statement from the companies on Monday.

The tie-up gives the new entity a huge stake in the all-important Permian Basin, a prolific oil and gas producing region that stretches across Texas and New Mexico. Combined, the companies would become the top solely Permian producer, Reuters has reported.

Despite headwinds from higher interest rates and a more stringent regulatory environment, the energy sector has seen an uptick in consolidation activity thanks to elevated oil prices and a need to bolster output portfolios. Recently, supermajors ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) have both revealed multi-billion dollar deals.

This is a developing story. Please check back later for updates.


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