Diamondback bids to create $50bn energy giant with acquisition of Endeavor

A row of pumpjacks at a Diamondback Energy oil rig in Midland, Texas. Photo: Callaghan O'Hare/Bloomberg

Michelle Chapman

Diamondback Energy will attempt to buy rival Endeavor Energy Resources to create an energy giant in the Southwestern United States worth more than $50bn (€46.4bn).

Growing confidence in an economic recovery, particularly in the US, has driven massive deals in the energy sector in recent months, including Chevron's $53bn acquisition of Hess in October, and a $59.5bn deal two weeks before that by Exxon Mobil, its biggest acquisition since buying Mobil two decades ago.