Diamondback Jumps on $26 Billion Endeavor Shale Takeover
- Deal comes in wake of M&A by Exxon, Chevron and others
- Acquiring Endeavor is a resounding coup for Diamondback
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Diamondback Energy Inc. surged in New York trading after agreeing to buy fellow Permian Basin driller Endeavor Energy Resources LP in a $26 billion deal that’ll create the largest explorer focused exclusively on the western hemisphere’s busiest oil field.
The agreement swells the value of recent shale takeovers to roughly $150 billion as oil executives scramble to pad portfolios with future drilling sites and shore up cash flows. The impacts will be felt far afield from the Permian Basin of West Texas and New Mexico, where rampant output growth is challenging the OPEC+ alliance’s efforts to curb global crude supplies and prop up prices.