Diamondback Energy is buying a big part of another energy company, Double Eagle, for about $4 billion! This is like buying a huge collection of LEGOs to build an even bigger, better thing. Diamondback wants to get even bigger in the Permian Basin, a place with lots of oil and gas in Texas and New Mexico. They’re making this deal to control more land and become a leading oil producer.
- Diamondback is buying Double Eagle to get more oil and gas land.
- This deal will make Diamondback even bigger in the Permian Basin.
- Diamondback will also sell some of its own land to pay for the purchase.
| Fact | Number |
|---|---|
| Deal Value | $4.08 billion |
| Diamondback Shares Increase | Over 1% |
| Double Eagle's Net Acres in Midland Basin | 40,000 |
