2024-04-07 10:16:36
Large American oil and gas producers Diamondback Energy and Endeavor Energy Resources are ready to merge into a new oil and gas giant whose value will exceed $50 billion. The Wall Street Journal (WSJ) writes about this with reference to its sources, Day.Az reports with reference to Lenta.ru.
According to the publication, the producers may announce the merger on February 12. The emerging company will become one of the leaders in the Permian Basin (USA), it will have almost the same development area as its competitors from ConocoPhillips, and oil production will exceed 400 thousand barrels per day.
Endeavor Energy Resources has long been the Permian Basin’s leader in production, and Diamondback has grown dramatically through its use of hydraulic fracturing technology. Over ten years, it increased oil production 50 times, to 260 thousand barrels per day.
Diamondback shareholders will own the majority of the new company. At the moment, it is two billion dollars more expensive than its merger partner – 27 billion versus 25 billion.
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