M&A Deal Summary

Diamondback Energy Acquires QEP Resources

On December 21, 2020, Diamondback Energy acquired oil/gas exploration company QEP Resources for 2.2B USD

Acquisition Highlights
  • This is Diamondback Energy’s 5th transaction in the Oil/Gas Exploration sector.
  • This is Diamondback Energy’s 3rd largest (disclosed) transaction.
  • This is Diamondback Energy’s 5th transaction in the United States.
  • This is Diamondback Energy’s 1st transaction in Colorado.

M&A Deal Summary
Date 2020-12-21
Target QEP Resources
Sector Oil/Gas Exploration
Buyer(s) Diamondback Energy
Deal Type Add-on Acquisition
Deal Value 2.2B USD
Advisor(s) Evercore Group (Financial)
Latham & Watkins (Legal)

Target

QEP Resources

Denver, Colorado, United States
website
QEP Resources, Inc. is an independent crude oil and natural gas exploration and production company focused in two regions of the United States: the Southern Region (primarily in Texas) and the Northern Region (primarily in North Dakota). QEP Resources was founded in 2010 and is based in Denver, Colorado.

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Buyer(S) 1

Buyer

Diamondback Energy

Midland, Texas, United States

website

Category Company
Founded 2007
Sector Oil/Gas Exploration
Employees870
Revenue 9.6B USD (2022)
DESCRIPTION

Diamondback Energy is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback's activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp, Spraberry, Clearfork, Bone Spring, and Cline formations. Diamondback Energy was founded in 2007 and is based in Midland, Texas.

DEAL STATS #
Overall 5 of 9
Sector (Oil/Gas Exploration) 5 of 9
Type (Add-on Acquisition) 3 of 4
State (Colorado) 1 of 1
Country (United States) 5 of 9
Year (2020) 2 of 2
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 Guidon Energy - Leasehold Interests & Related Assets

Irving, Texas, United States

Guidon Energy - Leasehold Interests & Related Assets includes approximately 32,500 net acres in the Northern Midland Basin, primarily held by production allowing for capital-efficient full-field development.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-21 Diamondback Energy - Williston Basin Assets

Midland, Texas, United States

Williston Basin Assets is one of the largest sedimentary basins in the U.S. and has oil and gas production from several reservoirs.

Sell $745M
Mergr

Product

Company

Legal