Permian-focused M&A frenzy is reaching a crescendo as major deals close. In May, ExxonMobil closed its $59.5 billion acquisition of Pioneer, solidifying its position as the largest producer in the Permian Basin. In August, Oxy followed suit with its approximately $12 billion acquisition of CrownRock. Now, Diamondback has announced the completion of its merger with Endeavor Energy Resources, creating a Permian pure play with over 800 Mboe/d of crude oil-focused production.
Over past the 12 years, Diamondback has evolved from a small vertical producer into the largest publicly traded Permian pure play independent (following ExxonMobil’s acquisition of Pioneer). Endeavor, which held the largest private core position in the Midland Basin, shares a similar growth trajectory. This merger positions Diamondback as the fourth-largest producer in the Permian, trailing only ExxonMobil, Oxy and Chevron.
