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
CNOOC Makes 100 MMton Oilfield Discovery in Bohai Sea
2024-03-18 - CNOOC said the Qinhuangdao 27-3 oilfield has been tested to produce approximately 742 bbl/d of oil from a single well.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
Deepwater Roundup 2024: Offshore Australasia, Surrounding Areas
2024-04-09 - Projects in Australia and Asia are progressing in part two of Hart Energy's 2024 Deepwater Roundup. Deepwater projects in Vietnam and Australia look to yield high reserves, while a project offshore Malaysia looks to will be developed by an solar panel powered FPSO.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
Galp Seeks to Sell Stake in Namibia Oilfield After Discovery, Sources Say
2024-04-22 - Portuguese oil company Galp Energia has launched the sale of half of its stake in an exploration block offshore Namibia.