After snapping up the largest, privately held, pure-play operator in the Midland last February, Texas-based Diamondback Energy (FANG) emerged a Permian force of nature. The $26 billion merger with shale rival Endeavor Resources gifted FANG with an added 344,000 net acres and 2,300 drilling locations in the Midland, and nearly doubled its total production across the Midland, Delaware, and Central Basin Platform. The deal at the time also catapulted Diamondback to third-largest producer in the Permian, right behind heavyweights ExxonMobil and Chevron, with a total 838,000 acres and 816 MBOED.

Reese Energy Consulting today is following the latest strike from Diamondback, which has now taken another bite in the Midland with its recent swap of certain Delaware assets for more Midland goodness. In a trade with Houston-based TRP Energy, FANG sweetened the exchange with $238 million in cash to bring home 15,000 acres in Upton and Reagan counties, 55 undeveloped locations, and 18 DUCs. TRP last year announced exploring a $1.5+ billion sale of its Midland assets producing 25 MBOED. Diamondback on Monday reported 3Q revenues of $1.2 billion and 571.1 MBOED (321.1 MBOD oil).