Diamondback Bolts On More Than 150 Locations in $1.5-Billion Cash/Stock Deal

Journal of Petroleum Technology 

Consolidation in the Permian Basin continues to bubble with Diamondback Energy's announcement on 16 November that it is set to add to its position with its purchase of Lario Permian in a cash-and-stock transaction. Terms include $850 million in cash and 4.18 million shares of Diamondback common stock, bringing the deal's total value at $1.5 billion. Diamondback described the deal as a "bolt-on acquisition" that includes more than 150 gross horizontal locations covering 25,000 gross acres in the core of the Northern Midland Basin. "Lario is an attractive bolt-on to our existing Martin County position, home to some of the best rock in the Permian Basin," stated Travis Stice, chairman and CEO of Diamondback. "This is a deal that checks all the boxes Diamondback looks for in an acquisition, as it brings over 150 gross locations in the core of the Northern Midland Basin and also provides immediate accretion to all relevant financial metrics, enhancing Diamondback's overall value proposition to our stockholders."

  Country: North America > United States > Texas (1.00)
  Geologic Time: Phanerozoic > Paleozoic > Permian (1.00)
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