Shale Consolidation: Diamondback Snaps Up 350+ Locations in $1.6-Billion Cash-Stock Deal

Journal of Petroleum Technology 

Permian Basin shale producer Diamondback Energy announced this week that it struck a deal to acquire smaller private- equity-backed operator FireBird Energy. Terms include $775 million in cash and $5.86 million in Diamondback common stock which pegs the deal's total value at nearly $1.6 billion. Diamondback described the deal as a "bolt-on acquisition" that will give it more than 350 additional drilling locations in the Midland Basin portion of the Permian. These locations cover some 75,000 gross acres that Diamondback said are "highly contiguous" to its existing operations. The US independent added that at its planned pace of drilling, the newly acquired drilling locations will translate to more than a decade of development work.

  Country: North America > United States > Texas (0.76)
  Genre: Financial News (0.39)
  Oilfield Places:

Duplicate Docs Excel Report

None found

Similar Docs  Excel Report  more

None found