Diamondback Energy Acquires Endeavor in $26 Billion Deal, Becoming Largest Permian Basin Explorer

The acquisition marks a significant consolidation in the shale industry, with Diamondback's stock surging over 10% following the announcement.

Diamondback Energy Inc. has agreed to buy Endeavor Energy Resources LP for $26 billion, creating the largest explorer in the Permian Basin.
The deal is part of a broader trend of shale industry consolidation, with recent takeovers totaling approximately $150 billion.
Autry Stephens, Endeavor's founder, becomes America's richest oil tycoon with a net worth of $25.9 billion following the sale.
The combined company plans to reduce the number of drilling rigs but expects to increase output through efficiency gains.
Diamondback's acquisition of Endeavor is seen as a strategic move to bolster its position as a leading independent entity in the oil industry.