Diamondback

Permian Basin pure-play Diamondback Energy Inc. plans to sell some assets acquired from its merger with Energen Corp. last year for $322 million, as production surged and synergies from the merger continued into the first quarter.

After a fourth quarter when Permian Basin pure-play Diamondback Energy Inc. nearly doubled its core acreage position, the company reiterated plans to be more conservative in 2019, even as it realizes synergies from several mergers quicker than it expected.

Permian Basin pure-play Diamondback Energy Inc. has dropped three rigs, reduced completion crews and plans conservative spending in 2019 because of the “dramatic decline” in oil prices.

The merger proposed between Permian Basin producers Diamondback Energy Inc. and Energen Corp. has been approved by each company’s stockholders. Diamondback is acquiring the Birmingham, AL-based operator in an all-stock transaction estimated at $9.2 billion. The merger, set to be completed by Friday (Nov. 29), is giving Midland, TX-based Diamondback a total of 390,000 net acres across the Midland and Delaware sub-basins of the Permian, an 85% increase from Diamondback’s 211,000 net acres at the end of June.

Permian Basin pure-players Callon Petroleum Co. and Diamondback Energy Inc. continued with divergent strategies in the third quarter, with Callon seeing first production from its so-called “mega-pads” and Diamondback’s new midstream subsidiary grabbing more takeaway capacity.

The Carlyle Group Inc. agreed this week to fund one of Diamondback Energy Inc.’s Permian Basin developments in West Texas.

Diamondback Energy Inc., fresh off a $1.2 billion deal to build its position in the Permian Basin, late Tuesday agreed to buy West Texas-focused Energen Corp. in an all-stock deal valued at $9.2 billion.

West Texas stalwart Diamondback Energy Inc. has struck a deal to buy Permian Basin acreage in the Midland sub-basin from Ajax Resources LLC for $900 million and 2.58 million shares worth an estimated $345 million.

Permian pure-play Diamondback Energy Inc. said production between January and March jumped 74% year/year and was up 10% from the fourth quarter.