By Denny Jacob
Diamondback Energy agreed to acquire certain subsidiaries of Double Eagle and accelerate development of the Midland Basin, confirming a prior report in The Wall Street Journal.
The oil and natural gas company reached an agreement with Double Eagle in exchange for 6.9 million shares of its common stock and $3 billion in cash. As part of the agreement, Diamondback and Double Eagle have agreed to accelerate development on a portion of Diamondback's non-core southern Midland Basin acreage.
"Double Eagle is the most attractive asset remaining in the Midland Basin," said Diamondback Chief Executive Travis Stice.
Diamondback said the transaction is immediately accretive to all relevant financial metrics including cash flow per share and free cash flow per share, among others.
The transaction is expected to close April 1.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 18, 2025 06:28 ET (11:28 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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