Diamondback Energy (FANG) Update - Feb 27

[dan_s]

MIDLAND, Tx., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced that it has completed its previously announced acquisition of leasehold interests and related oil and gas assets from Guidon Operating LLC, a portfolio company of Blackstone Energy Partners. Aggregate consideration consisted of $375 million in cash and 10.68 million shares of the Company’s common stock after accounting for post-effective date adjustments. As a result of the acquisition, Diamondback adds approximately 32,500 net acres in the Northern Midland Basin, primarily held by production allowing for capital efficient full field development.

My $100 valuation of FANG includes the acquisition above and the impact of the merger with QEP that should close late Q1.