FANG Stock Pops as Diamondback Energy Strikes a $26 BILLION Deal
FANGDiamondback Energy(FANG) InvestorPlace·2024-02-12 22:42

Diamondback Energy (NASDAQ:FANG) stock rose after the oil producer said it would pay 26billionforprivatelyheldEndeavorEnergy.Thecashandstockdeal,withDiamondbackholdingamajoritystake,continuesatrendofconsolidationintheoilbusinessaroundtheheavily−frackedPermianBasinofwestTexasandNewMexico.LastfallExxonMobil(NYSE:XOM)saiditwillbuyPioneerNatural(NYSE:PXD)for26 billion for privately held Endeavor Energy. The cash and stock deal, with Diamondback holding a majority stake, continues a trend of consolidation in the oil business around the heavily-fracked Permian Basin of west Texas and New Mexico. Last fall Exxon Mobil (NYSE:XOM) said it will buy Pioneer Natural (NYSE:PXD) for 64.5 billion. Then Chevron (NYSE:CVX) bought Hess (NYSE:HES), for $53 billion. FANG stock opened this m ...