Diamondback Energy to buy Permian Basin assets in cash and stock deal
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Diamondback Energy (NASDAQ:FANG) said Wednesday it agreed to acquire all leasehold assets and related assets in the Permian Basin from Lario Oil & Gas for $850M in cash and 4.18M common shares.
The deal includes ~25K gross (15K net) acres in the core of the Northern Midland Basin with FY 2023 estimated average production of 25K boe/day; the company expects to reduce operated rig count from two currently to one or less post-closing for 2023 development.
"This is a deal that checks all the boxes Diamondback looks for in an acquisition, as it brings over 150 gross locations in the core of the Northern Midland Basin and also provides immediate accretion to all relevant financial metrics," Chairman and CEO Travis Stice said.
Diamondback Energy (FANG) bought Permian Basin leasehold assets from FireBird Energy in a cash and stock deal last month.