Diamondback Energy, Inc.

Diamondback's publicly traded minerals subsidiary, Viper Energy, agreed to acquire Sitio Royalties Corp. in an all-stock deal worth about $4.1 billion, with Diamondback and its subsidiaries backing the deal as Viper's controlling shareholders.

business combination

Diamondback lined up a $1.5 billion unsecured two-year term loan from a Bank of America-led group, undrawn until closing, to cover part of the cash price for its pending Double Eagle acquisition; the same-day revolver amendment only aligned the two agreements' borrowing conditions and added no new capacity.

debt financing

Diamondback priced $1.2 billion of new 2035 bonds to help fund a newly disclosed pending acquisition of subsidiaries of Double Eagle IV Midco, LLC.

material agreement

Diamondback completed its $26 billion merger with Endeavor Energy Resources, adding three former Endeavor executives - including its former CEO Lance Robertson - to a board that grew to twelve directors.

business combination

Diamondback shareholders approved issuing the stock needed to complete the Endeavor Energy Resources merger, clearing a major hurdle with only antitrust clearance left before closing.

business combination

Diamondback raised $5.5 billion across five bond tranches, one of its largest-ever debt raises, to fund the cash portion of its pending Endeavor Energy Resources merger and repay Endeavor's existing debt.

material agreement

Diamondback agreed to merge with privately held Endeavor Energy Resources, L.P. in a $26 billion deal - by far its largest ever - paying $8.0 billion cash plus about 117.3 million shares, leaving existing Diamondback holders with roughly 60% of the combined company.

business combination

Diamondback redeemed Rattler Midstream's remaining notes, confirmed it completed the Rattler buyout on August 24, sold non-core Delaware Basin acreage for $155 million, and reaffirmed its $775 million FireBird Energy acquisition was set to close by the end of November.

material agreement termination

Diamondback posted a record $1.3 billion in quarterly free cash flow, raised its dividend 7% and expanded its share buyback authorization to $4 billion, while confirming its Rattler Midstream buyout was on track to close within weeks.

merger communication

Amendment No. 1 to the Rattler buy-in carries two things the June filing did not. A unitholder has sued Rattler and the general partner's directors over the deal since it was first filed, and the updated price table shows the offer had almost stopped being a premium: Diamondback stock had fallen from $133.43 to $112.52, cutting the value of the fixed 0.113-share ratio from $15.08 to $12.71 a unit against Rattler's own $12.64 market price.

business combination

Diamondback moved to buy in the public units of Rattler Midstream, the gathering and water business it had spun off in 2019, offering 0.113 Diamondback shares per public unit - about $15.08 a unit on the day before announcement. Because Diamondback already held roughly 74% of the economics and controlled the general partner, this went to unitholders as an information statement rather than a vote they could lose; Evercore advised the conflicts committee, which had negotiated the ratio up through successive Diamondback proposals.

business combination

Diamondback agreed to buy out the public unitholders of its majority-owned Rattler Midstream LP for stock, at roughly a 17% premium, bringing the midstream business fully in-house.

business combination

Diamondback completed its all-stock merger with QEP Resources, Inc.; QEP shareholders received 0.05 of a Diamondback share for each QEP share, and QEP was delisted from the NYSE.

asset acquisition disposition

Diamondback reported strong fourth-quarter 2020 results, raised its annual dividend 6.7% to $1.60 per share, and reaffirmed its Guidon Operating and QEP Resources deals were both on track to close within weeks.

merger communication

Diamondback registered the shares for its all-stock purchase of QEP Resources at 0.050 of a Diamondback share per QEP share -- a fixed ratio, so QEP holders carry the price risk to closing -- and put the joint proxy in front of both sets of shareholders.

business combination

Diamondback announced two new Midland Basin deals the same day: an all-stock merger with QEP Resources, Inc., and a $375 million cash-plus-stock purchase of Guidon Operating LLC's roughly 32,500 net acres.

business combination

Diamondback raised $3.0 billion across three new bond issues to refinance its existing 4.75% notes and pay down revolving debt, extending its debt maturities out to 2029.

material agreement

Diamondback's midstream subsidiary, Rattler Midstream LP, sold 38 million units to the public for about $626.5 million, distributing the proceeds back up to Diamondback to reimburse capital spending.

material agreement

Diamondback completed its $9.2 billion all-stock acquisition of Energen Corporation, repaying $560 million of Energen's existing debt and assuming Energen's remaining $530 million of legacy bonds.

asset acquisition disposition

Registration statement and joint proxy for Diamondback's all-stock purchase of Energen, at 0.6442 Diamondback shares per Energen share - about $84.95 an Energen share when the agreement was signed on August 14, 2018. The background section shows Diamondback raising its bid from an implied $85 on August 1 to roughly $87 two days later; J.P. Morgan gave Energen's board the fairness opinion, and Diamondback owes a $400 million reverse break fee if it is the side that walks.

business combination

Diamondback agreed to buy Energen Corporation in an all-stock deal worth about $9.2 billion, its biggest move yet, adding over 266,000 net Permian acres and roughly doubling its Midland and Delaware Basin footprint.

merger communication

Diamondback closed its $2.55 billion purchase of Brigham Resources' Delaware Basin leasehold and midstream assets, paying $1.62 billion cash plus about 7.7 million Diamondback shares.

asset acquisition disposition

Diamondback raised roughly $1.15 billion in a stock sale plus a new bond offering to fund its largest deal yet: a $2.55 billion purchase of Brigham Resources' Delaware Basin oil and gas assets.

material agreement

Diamondback raised about $552 million selling new shares to fund its first big push into the Delaware Basin: a $560 million deal for oil and gas leases in Reeves and Ward counties, Texas.

material agreement