Diamondback Energy Announces $3 Billion Midland Basin Acquisition

Diamondback Energy, Inc. (NASDAQ: FANG) has announced a definitive agreement to acquire assets from Double Eagle IV Midco, LLC for $3 billion in cash and approximately 6.9 million shares of Diamondback common stock. The deal, set to close on April 1, 2025, includes acquiring all outstanding interests of DE Permian, LLC, DE IV Combo, LLC, and DE IV Operating, LLC, expanding Diamondback’s position in the Midland Basin.

The cash portion of the acquisition will be funded through a combination of cash on hand, credit facility borrowings, and proceeds from potential term loans or senior notes offerings. The transaction is subject to regulatory approval and customary closing conditions.