Diamondback Energy will attempt to buy rival Endeavor Energy Resources to create an energy giant in the Southwestern United States worth more than $50 billion. Growing confidence in an economic recovery has driven massive deals in the energy sector in recent months. That includes Chevron’s $53 billion acquisition of Hess in October, and a $59.5 […]
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Diamondback Energy seeks to buy rival Endeavor in $50+ billion deal
Diamondback Energy will attempt to buy rival Endeavor Energy Resources to create an energy giant in the Southwestern United States worth more than $50 billion. Growing confidence in an economic recovery has driven massive deals in the energy sector in recent months. That includes Chevron’s $53 billion acquisition of Hess in October, and a $59.5 billion deal two weeks before that by Exxon Mobil. Diamondback will buy Endeavor in a cash-and-stock deal valued at about $26 billion.