Diamondback Energy Follows ExxonMobil and Occidental Petroleum with a Permian Megadeal

Diamondback Energy Follows ExxonMobil and Occidental Petroleum with a Permian Megadeal

The consolidation wave in the oil patch has washed over another producer. Diamondback Energy (FANG 9.38%) has struck a deal to acquire privately held rival Endeavor Energy Resources for $26 billion. The acquisition will create a premier producer focused on the resource-rich Permian Basin. The merger of Diamondback and Endeavor follows in the footsteps of recent deals by ExxonMobil (XOM 1.38%) and Occidental Petroleum (OXY 0.97%), which are bulking up their positions in the Permian Basin. Like those deals, the …