Diamondback in $26 billion deal to buy Endeavor Energy in growing Permian push

(Reuters) -Shale producer Diamondback Energy said on Monday it would buy the largest privately held oil and gas producer in the Permian Basin, Endeavor Energy Partners, in a cash-and-stock deal valued at about $26 billion, including debt.

The combined company would be the third largest oil and gas producer in the region behind Exxon and Chevron, with both having announced recent deals.

The deal comes amid a wave of consolidation in the prolific Permian Basin to boost production – the biggest in 2023 was Exxon buying Pioneer Natural Resources in an about $60 billion deal.

Oil and gas producers are taking advantage of their high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry that is likely to witness more deals.

“Diamondback has proven itself to be a premier low-cost operator in the Permian Basin...