Faster than a rattlesnake on a jackrabbit, Texas-based Diamondback has taken a new bite of the Permian.
Reese Energy Consulting today is following the latest news from one of the basin’s largest pure-play producers operating in both the Midland and Delaware with 421,000 net acres and 220 MBPD in oil production. The company will now add to those numbers with the bolt-on acquisition of Fort Worth-based Firebird Energy in a cash-and-stock deal valued at $1.6 billion. Assets include 68,000 net acres in the Midland, 450+ vertical and horizontal wells, and 17 MBPD in oil production, most of which Firebird acquired from Chevron in 2019. Diamondback, which trades under the ticker FANG, also operates subsidiaries Rattler Midstream and Viper Energy Partners. Rattler owns crude oil, natural gas and water-related midstream assets in the Permian that serve Diamondback and third-party customers. Viper develops properties underlying its mineral interests and those of Diamondback in the Permian and Eagle Ford.