Strategic Gains: Expanding Diamondback’s Core Holdings
The deal also includes a fast-tracked development plan for a portion of Diamondback’s non-core southern Midland Basin acreage. This move is expected to unlock additional asset value by accelerating production from previously lower-priority sites.
“We are excited to announce our agreement with Diamondback,” said Double Eagle Co-CEOs Cody Campbell and John Sellers. “We believe our team has built a truly standout asset that further increases Diamondback’s high-quality inventory. It was important to us that we maintain the stewardship of this asset going forward, not only with a world-class Midland operator but also a group that shares our core values and understands the importance of community impact in West Texas.”
How Diamondback Plans to Fund the Deal
Diamondback intends to finance the cash portion of the purchase through a combination of:
- Cash on hand
- Borrowings under its credit facility
- Proceeds from term loans and senior notes offerings
With the expected closing date set for April 1, Diamondback is moving swiftly to integrate these assets into its portfolio.
