Diamondback Energy revealed in the statement that the cash portion of the deal “is expected to be funded through a combination of cash on hand, borrowings under the company’s credit facility, and/or proceeds from term loans and senior notes offerings”.
Diamondback Energy on Thursday signaled lower prices for its third-quarter oil and gas production, making it the third U.S. shale producer to do so in just a week.
ConocoPhillips has agreed to acquire Marathon Oil in an all-stock deal valued at $17.1 billion in a bid to catch up with rivals as drillers race to secure new oil and gas wells.
Once oil rivals Diamondback Energy and Endeavor Energy Resources announced Monday (Feb. 12) that they are merging to create a $50 billion oil giant in the Permian Basin. The deal is just the latest in a wave of consolidation in the US energy sector.
Rivals Diamondback Energy and Endeavor Energy Resources are finalizing a merger that would create an oil-and-gas behemoth worth more than $50 billion, as higher oil prices and a rush to grab prime acreage fuel consolidation in the energy sector.