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.
Articles from Energen
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.
Permian Basin-focused Energen Corp. raised its full-year guidance after second quarter output climbed 5% sequentially, the beat coming on outperformance using updated well designs.
Permian Basin pure-play Energy Corp. is facing another battle for control as hedge fund Corvex Management, long critical of management and now holding two board seats, has teamed with activist investor Carl Icahn to get involved in a strategic review underway.
Permian Basin pure-play Energen Corp. beat its production guidance for the fourth quarter and for the full-year 2017, and executives disclosed that they are reviewing four board candidates submitted last month by an investor that wants the company to be sold.
Permian Basin pure-play Energen Corp. has boosted its full-year production guidance by almost 6% because of continued strong well results using advanced drilling designs.
The Railroad Commission of Texas is conducting a half-day educational session on the Permian Basin’s Spraberry trend and Delaware sub-basin from noon to 4 p.m. on April 25 at the Commemorative Air Force Base, 9600 Wright Dr., Midland, TX. Topics include drilling permits, completions, stacked laterals and website queries. Registration is required; seating is limited. The cost is $75/person for registrations by Tuesday (April 11) and $125/person after.
As the “lower for longer” commodity price environment drags on, producers will increasingly return to previously drilled horizontal wells, refracture them and bank the lower-cost returns, according to a new study of well refracturing in the Haynesville Shale.