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Newswest 9 | Midland, Texas | newswest9.com

Diamondback Energy makes acquisitions of two Midland businesses

With this acquisition, Diamondback says a significant majority of its capital will now be allocated to the Northern Midland Basin.

MIDLAND, Texas — Diamondback Energy announced two major transactions on December 21.

The first involves the acquisition of Guidon Operating LLC. The company said it will acquire leasehold interests and related interests in exchange for 10.63 million shares of Diamondback common stock and $375 million of cash.

This exchange will also include eight incomplete wells and 32,500 net acres in the Permian Basin.

The second transaction involves Diamondback acquiring QEP in an all-stock transaction.

According to Diamonback's press release, the transaction is valued at approximately $2.2 billion and will include QEP’s net debt of $1.6 billion as of September 30, 2020.

With this acquisition, Diamondback says a significant majority of its capital will now be allocated to the Northern Midland Basin.