Overview

• 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.