BUZZ-Diamondback Energy dips after launching secondary offering

Reuters

Sep 20, 2024

** Diamondback Energy's shares down 1.5% to $178.97 in extended trading after oil and gas producer announces secondary offering

** Co says 11.27 mln shares to be sold by certain Legacy Endeavor stockholders

** In addition, FANG to repurchase 2 mln shares from underwriters led by Evercore, Citigroup, Morgan Stanley and JP Morgan

** FANG in Feb announced $26 bln cash-and-stock buy of privately held shale oil rival Endeavor Energy

** FANG has ~294.7 mln shares outstanding as of Sept 12, per the SEC prospectus filing

** Shares on Thurs closed up 2% at $181.63, up 17% in 2024

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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