REUTERS/Angus Mordant/File PhotoFANG +10.06% Add to/Remove from WatchlistBy Anirban Sen(Reuters) -U.S. shale oil rivals Diamondback (NASDAQ: ) Energy and Endeavor Energy Resources are close to finalizing a roughly $25 billion cash-and-stock deal that would create an oil and gas company valued at more than $50 billion, sources said on Sunday. Reuters in December reported that Endeavor Energy Partners was exploring a sale that could value the largest privately held oil and gas producer in the Permian basin at between $25 billion and $30 billion. The combined company would be the third-largest oil and gas producer in the Permian, the top U.S. oilfield that straddles West Texas and New Mexico. The combined company would replace Pioneer Natural Resources (NYSE: ), which is being acquired by Exxon, as the top solely Permian producer, he said. The sale would come almost 45 years after Texas oilman Stephens started the company that would become Endeavor.

Source: Wall Street Journal February 11, 2024 20:59 UTC