Midland, Texas-based Diamondback Energy is as much at home in the Permian as its indigenous rattler namesake. Formed in 2007 with an initial acquisition of 4,174 net acres, Diamondback has continued to expand its presence in the Land of Crude Oil Honey, also known as the Midland and Delaware sub-basins. Following a $7 billion merger in 2018 with Energen, the company was suddenly thrust into the realm of large-cap Permian E&P independent with 390,000 net acres. Reese Energy Consulting today is following the latest strikes by Diamondback, which now has snatched up two more Permian rivals for a combined $3.2 billion. First up is Irving, Texas-based Guidon Energy in a cash-and-stock deal valued at $850 million that adds 32,000 net acres in the Midland. Next, Denver-based QEP Resources in an all-stock transaction valued at $2.2 billion that includes 49,000 net acres in the Midland with 3Q production of about 48.3 MBPD and a Williston Basin stepchild Diamondback most certainly will look to offload. Because for some E&Ps, there’s simply no place like home than the Permian.


Diamondback Energy

Diamondback Energy is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Midland, Texas.


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