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
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.
To Dawson: EOG, SM Energy, More Aim to Push Midland Heat Map North
2024-02-22 - SM Energy joined Birch Operations, EOG Resources and Callon Petroleum in applying the newest D&C intel to areas north of Midland and Martin counties.
Sinopec Brings West Sichuan Gas Field Onstream
2024-03-14 - The 100 Bcm sour gas onshore field, West Sichuan Gas Field, is expected to produce 2 Bcm per year.
TotalEnergies Restarts Gas Production at Tyra Hub in Danish North Sea
2024-03-22 - TotalEnergies said the Tyra hub will produce 5.7 MMcm of gas and 22,000 bbl/d of condensate.