24 Sept 2018material agreement● Neutral
Diamondback raised $750 million in new 2024 bonds to pay down its revolving credit line and help fund a newly disclosed pending purchase of assets from Ajax Resources, LLC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2018business combination● NeutralMajor
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.
7 Sept 2018debt financing● Neutral
Diamondback adjusted its credit agreement to support drilling joint ventures, formally carving Rattler Midstream and Tall City Towers out as separate entities outside the credit facility.
15 Aug 2018merger communication● Neutral
A required duplicate filing of the same Energen Corporation merger agreement announced a day earlier, filed because Diamondback is soliciting shareholder votes.
15 Aug 2018merger communication▲ Good
Diamondback's CEO sent employees a note about the newly announced Energen Corporation merger, framing it as a step up in scale without changing the company's low-cost strategy.
15 Aug 2018merger communication▲ Good
Diamondback posted an investor presentation and joint press release on its pending Energen Corporation merger, repeating the terms announced a day earlier.
15 Aug 2018business combination● Neutral
Another required duplicate filing of Diamondback's investor presentation and press release on the pending Energen Corporation merger.
15 Aug 2018business combination▲ Good
Diamondback filed the formal merger agreement for its newly announced Energen Corporation acquisition, restating the all-stock deal terms.
14 Aug 2018merger communication▲ GoodMajor
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.
28 June 2018debt financing● Neutral
Diamondback registered the $300 million of add-on 5.375% notes due 2025 it had placed privately in January so holders could swap them for identical SEC-registered notes -- a securities-law formality that changes nothing about the debt itself.
1 June 2018debt financing● Neutral
Diamondback loosened its credit-facility rules to allow drilling joint ventures and midstream investment, paving the way for what became its Rattler Midstream business.
30 Jan 2018security holder rights change● Neutral
Diamondback added $300 million to its 2025 bonds, using the roughly $308 million raised to pay down its revolving credit line.
4 Dec 2017debt financing▲ Good
Diamondback amended its credit facility again, extending the maturity to 2022, cutting its interest rate and raising total borrowing capacity to $5 billion.
15 Aug 2017material agreement● Neutral
The Brigham Resources sellers who received Diamondback stock in the 2017 acquisition sold about $278 million of those shares to the public; Diamondback received none of the proceeds.
21 June 2017debt financing● Neutral
A two-page amendment whose own explanatory note says it exists for the sole purpose of filing a refreshed Grant Thornton consent, the auditors' sign-off having gone stale while the notes exchange sat with the SEC. Nothing about the offer itself changed.
3 May 2017asset acquisition disposition● Neutral
Diamondback filed the audited financial statements required to complete disclosure on its March 2017 Brigham Resources acquisition.
26 Apr 2017debt financing● Neutral
Diamondback registered two exchange offers covering the $1 billion of notes it had sold privately the previous winter - $500 million of 4.750% notes due 2024 issued on October 28, 2016 and $500 million of 5.375% notes due 2025 issued on December 20, 2016 - so holders could swap into freely tradeable paper. Terms identical, no new money raised.
6 Mar 2017asset acquisition disposition▲ GoodMajor
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.
21 Dec 2016security holder rights change● Neutral
Diamondback issued $500 million of new 2025 bonds, the debt piece of the financing package for its pending Brigham Resources acquisition.
20 Dec 2016material agreement▲ GoodMajor
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.
2 Nov 2016security holder rights change● Neutral
The $500 million of 2024 bonds priced days earlier were formally issued, completing the refinancing of Diamondback's 2021 notes.
26 Oct 2016material agreement● Neutral
Diamondback lined up $500 million in new 2024 bonds to pay off and retire its higher-cost 2021 bonds, lowering its borrowing costs.
18 July 2016material agreement▲ GoodMajor
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.
27 June 2016debt financing● Neutral
Diamondback adjusted its revolving credit line with Wells Fargo, keeping the same $700 million borrowing base but adding new collateral-account requirements for lenders.