Diamondback Energy, Inc. (FANG) shares are gaining more than 8 percent on Monday morning trade after the company announced a definitive merger agreement with Endeavor to create a Permian independent oil and gas company. The deal is worth approximately $26 billion.
Diamondback said it expects operational synergies to be realized in 2025 by the combined company. On a pro forma basis in 2025, the Texas-based independent oil and natural gas company expects to generate oil production of 470 - 480 MBO/d with a capital budget of approximately $4.1 - $4.4 billion.
Currently, shares are at $166.68, up 9.86 percent from the previous close of $151.74 on a volume of 3,041,654.
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