Congrats to all who made the change when we talked about it in the podcast It’s up almost 10 percent just today Here’s why Diamondback Energy (FANG) and Endeavor Energy Resources have merged to form an oil-and-gas company worth over $50 billion — driven by high oil prices and a competitive rush for prime real estate in the energy sector. The deal, valued at around $26 billion for Endeavor, positions the combined entity as a dominant force in the Permian Basin — competing closely with industry giants like ConocoPhillips (COP) in terms of acreage and production. This merger is part of a broader trend of consolidation in the oil and gas industry, following significant deals by Exxon Mobil (XOM) and Chevron (CVX). Diamondback's acquisition of Endeavor — a company with a coveted land position and a significant inventory of top-tier oil acreage — most notably marks a strategic expansion of its rapidly growing fracking operations.
Posted by Suze at 2024-02-12 18:21:32 UTC