(World Oil) – Viper Energy Partners has agreed to acquire mineral and royalty interests in the Permian Basin from affiliates of Warwick Capital Partners and GRP Energy Capital for $1 billion in cash and stock. The deal, which is expected to close in the fourth quarter of 2023, will increase Viper’s exposure to one of the most productive oil regions in
World Oil (Bloomberg) – Diamondback Energy Inc., one of the Permian basin’s biggest oil companies, is considering using some of the natural gas it produces to generate electricity to run drilling and fracing operations. Permian producers have increasingly shifted operations from diesel generators to electricity supplied by the local power grid. But the Texas grid can be unreliable at times,
Oil and Gas 360 Finding another way to avoid the waste and lost revenue from stranded gas in a pipeline-constrained portion of the Permian Basin could have global applications, according to two business partners in Texas interviewed in the June-July Oil and Gas Journal. Boosted by a $20 million investment by Midland-based partner and producer Diamondback Energy, Houston-based Verde Clean
World Oil (Bloomberg) – The U.S. Federal Trade Commission is investigating whether executives at major oil companies including Hess Corp., Occidental Petroleum Corp. and Diamondback Energy Inc. improperly communicated with OPEC officials. FTC investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, according to people familiar with the matter who asked not
Oil and Gas 360 MIDLAND, Texas, May 28, 2024 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”) today announced the sale of WTG Midstream Holdings LLC to Energy Transfer LP (NYSE: ET) (“ET”) resulting in total pre-tax consideration net to Diamondback of approximately $375 million, subject to customary closing conditions and adjustments. Consideration for the transaction will consist of a mix of cash and ET common units. The
Yahoo Finance (Bloomberg) — Energy Transfer LP agreed to buy WTG Midstream in a $3.25 billion deal that will expand the US pipeline giant’s already sprawling network in the Permian Basin. Energy Transfer will pay $2.45 billion in cash and about 50.8 million newly issued Energy Transfer common units to acquire the Midland, Texas-based company from affiliates of Stonepeak, the
World Oil (WO) – Last week, Diamondback Energy’s shareholders voted to approve its “transformational” combination with Endeavor Energy Resources, L.P. According to a letter to shareholders, the combination will create a “must-own North American independent oil and gas company.” Additionally, the combined business will have an “unmatched depth of high-quality inventory in the core of the Midland basin,” part of
World Oil (Bloomberg) – Diamondback Energy Inc. is tapping the U.S. investment-grade market with a bond offering to partly help fund its $26 billion takeover of Endeavor Energy Resources LP, joining other blue-chip companies capitalizing on robust investor demand to bring acquisition-related debt deals. Diamondback is selling the bonds in as many as five parts, according to a person with
World Oil (Bloomberg) – Diamondback Energy Inc.’s blockbuster deal for Endeavor Energy Resources LP makes the company’s shares the best way to invest in the prolific Permian basin in Texas, according to Tortoise Capital Advisors LLC. “Diamondback will become an acquisition target in 2025 given its larger size,” Tortoise senior portfolio manager Rob Thummel said in a note Tuesday. ConocoPhillips
Yahoo Finance For years, Endeavor Energy founder Autry Stephens’ refusal to entertain acquisition offers for one of the most lucrative producers in the U.S. oil patch vexed some of his peers. “It’s not for sale, it hasn’t been for sale, it’s probably not going to ever sell,” Pioneer Natural Resources’ former CEO Scott Sheffield, a contemporary of Stephens, told a
Oil and Gas 360 MIDLAND, Texas, Feb. 12, 2024 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) and Endeavor Energy Resources, L.P. (“Endeavor”), today announced that they have entered into a definitive merger agreement under which Diamondback and Endeavor will merge in a transaction valued at approximately $26 billion, inclusive of Endeavor’s net debt. The combination will create a premier Permian independent operator.
Investing U.S. shale oil producer Diamondback (NASDAQ:FANG) Energy has formed a new joint venture with private equity firm Five Point Energy LLC to create a water infrastructure network in the Midland Basin that is part of the oil-rich Permian in Texas. The joint venture, Deep Blue Midland Basin LLC, aims to create a sustainable management platform for produced water, the
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