Diamondback Energy (FANG) Update - Sept 11
Posted: Wed Sep 11, 2024 11:38 am
This is a "Transformative" deal that will be immediately accretive to Diamondback's free cash flow. It is also a BIG deal for Viper Energy (VNOM).
Diamondback's production should now be close to 800,000 Boepd, up from 474,670 Boepd in Q2 2024. The Company's production mix is now approximately 58% crude oil, 21% NGLs and 21% natural gas. Their 2024 revenues are ~97% from the sale of liquids.
MIDLAND, Texas, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced that it has closed its merger with Endeavor Energy Resources, L.P. (“Endeavor”).
“We are pleased to announce the closing of this transformative merger, creating a ‘must own’ North American independent oil company,” said Travis Stice, Chairman and Chief Executive Officer of Diamondback. “Today, Diamondback is not only bigger, but better. Our high-quality inventory located in the heart of the Permian Basin gives us the running room to do what we do best: turn rock into cash flow.”
Mr. Stice continued, “I would like to thank our employees for all their hard work in getting this deal across the finish line and welcome the Endeavor employees to the Diamondback team. Together, I am confident we can continue to build off of Diamondback’s impressive operational track record of low-cost operations and position the new Diamondback for long-term success.”
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.
Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com
Diamondback's production should now be close to 800,000 Boepd, up from 474,670 Boepd in Q2 2024. The Company's production mix is now approximately 58% crude oil, 21% NGLs and 21% natural gas. Their 2024 revenues are ~97% from the sale of liquids.
MIDLAND, Texas, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced that it has closed its merger with Endeavor Energy Resources, L.P. (“Endeavor”).
“We are pleased to announce the closing of this transformative merger, creating a ‘must own’ North American independent oil company,” said Travis Stice, Chairman and Chief Executive Officer of Diamondback. “Today, Diamondback is not only bigger, but better. Our high-quality inventory located in the heart of the Permian Basin gives us the running room to do what we do best: turn rock into cash flow.”
Mr. Stice continued, “I would like to thank our employees for all their hard work in getting this deal across the finish line and welcome the Endeavor employees to the Diamondback team. Together, I am confident we can continue to build off of Diamondback’s impressive operational track record of low-cost operations and position the new Diamondback for long-term success.”
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.
Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com