Diamondback Energy Inc. and Endeavor Energy Resources are reportedly within the late phases of deal talks that may see the shale rivals type a large firm.
A deal between the 2 oil giants may come as quickly as Monday, based on a report in The Wall Street Journal, which cited sources near the discussions.
The cash-and-stock deal on the desk would worth privately held Endeavor at roughly $25 billion, with Diamondback
FANG,
stockholders changing into majority holders of the mixed group, the sources mentioned.
A deal would trump ConocoPhillips
COP,
which was additionally vying for Midland, Texas-headquartered Endeavor, the sources added. Diamondback, additionally based mostly in Midland, has a market cap of $27.3 billion, based on FactSet, far beneath ConocoPhillips’ $133 billion.
The deal would proceed a run of main vitality tie-ups, after Chevron Corp.’s
CVX,
$53 billion all-stock buyout of Hess Corp. in October, which got here days after Exxon Mobil Corp.’s
XOM,
$59.5 billion deal to purchase Pioneer Natural Resources Co.
PXD,
Last month, Southwestern Energy Co.
SWN,
and Chesapeake Energy Corp.
CHK,
agreed to type a pure fuel large in a $7.4 billion tie-up.
MarketWatch has reached out to Diamondback and Endeavor for remark.
Source web site: www.marketwatch.com
