Diamondback Energy shareholders have approved the $26 billion merger with Endeavor Energy Resources. (Source: Shutterstock)
Diamondback Energy’s shareholders have spoken, approving the $26 billion merger with Endeavor Energy Resources LP that will add 344,000 net Midland Basin acres and about 2,300 core drilling locations.
Pro forma, Diamondback’s oil production will grow to an average 468,000 bbl/d (816,000 boe/d) from 273,000 bbl/d (463,000 boe/d). Analysts at Stifel have said the combined company will have a market value of more than $50 billion.
Diamondback said its stockholders approved the issuance of shares of Diamondback common stock in connection with the Endeavor merger, according to an April 26 press release.
Diamondback stockholders also approved a proposal to amend the company's certificate of incorporation to increase the authorized number of shares of Diamondback common stock.
The final voting results from Diamondback's special meeting of stockholders will be set forth in a Form 8-K to be filed by Diamondback with the U.S. Securities and Exchange Commission.
The business combination with Endeavor is subject to customary closing conditions, including termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Recommended Reading
Exxon Slips After Flagging Weak 4Q Earnings on Refining Squeeze
2025-01-08 - Exxon Mobil shares fell nearly 2% in early trading on Jan. 8 after the top U.S. oil producer warned of a decline in refining profits in the fourth quarter and weak returns across its operations.
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Equinor Commences First Tranche of $5B Share Buyback
2025-02-07 - Equinor began the first tranche of a share repurchase of up to $5 billion.
Q&A: Petrie Partners Co-Founder Offers the Private Equity Perspective
2025-02-19 - Applying veteran wisdom to the oil and gas finance landscape, trends for 2025 begin to emerge.
Rising Phoenix Capital Launches $20MM Mineral Fund
2025-02-05 - Rising Phoenix Capital said the La Plata Peak Income Fund focuses on acquiring producing royalty interests that provide consistent cash flow without drilling risk.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.