Diamondback in talks to buy Double Eagle for more than $5 billion, WSJ reports-February 2024-www.financetom.com

Diamondback in talks to buy Double Eagle for more than $5 billion, WSJ reports

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Diamondback in talks to buy Double Eagle for more than $5 billion, WSJ reports

Feb 14, 2025 10:16 AM

Feb 14 (Reuters) - Diamondback Energy ( FANG ) is in talks to buy

EnCap-backed Double Eagle, a big West Texas energy producer, for more than $5

billion, the Wall Street Journal reported on Friday, citing people familiar with

the matter.

Last year, Reuters reported that Double Eagle was exploring a sale of its

Permian Basin-based producer in a deal that could be worth more than $6.5

billion, including debt.

The WSJ report said a deal could be announced in coming days, if the talks

don't fall apart, and it is also possible another suitor could emerge.

In September, Diamondback acquired Endeavor Energy Resources for $26 billion

to create an oil and gas company valued at more than $50 billion.

Diamondback and Double Eagle did not immediately respond to Reuters'

requests for comment.

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