M&A Deal Summary

Diamondback Energy Acquires Ajax Resources - Midland Basin Assets

On August 9, 2018, Diamondback Energy acquired oil/gas exploration company Ajax Resources - Midland Basin Assets from Ajax Resources for 900M USD

Acquisition Highlights
  • This is Diamondback Energy’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Diamondback Energy’s 4th largest (disclosed) transaction.
  • This is Diamondback Energy’s 1st transaction in the United States.
  • This is Diamondback Energy’s 1st transaction in Texas.

M&A Deal Summary
Date 2018-08-09
Target Ajax Resources - Midland Basin Assets
Sector Oil/Gas Exploration
Buyer(s) Diamondback Energy
Sellers(s) Ajax Resources
Deal Type Divestiture
Deal Value 900M USD

Target

Ajax Resources - Midland Basin Assets

Houston, Texas, United States
Ajax Resources LLC - Midland Basin Assets includes 25,493 net leasehold acres and Current average net production of ~12,000 boe/d (88% oil), 367 net identified potential horizontal drilling locations with an average lateral length of over 9,500 feet and Meaningful saltwater disposal and fresh water access infrastructure.

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Buyer(S) 1

Buyer

Diamondback Energy

Midland, Texas, United States
Category Company
Founded 2007
Sector Oil/Gas Exploration
Employees1,023
Revenue 8.3B USD (2023)
DESCRIPTION

Diamondback Energy is an independent oil and natural gas company 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 1 of 9
Sector (Oil/Gas Exploration) 1 of 9
Type (Divestiture) 1 of 3
State (Texas) 1 of 6
Country (United States) 1 of 9
Year (2018) 1 of 3
Size (of disclosed) 4 of 5
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-14 Energen

Birmingham, Alabama, United States

Energen Corp. is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. The company has approximately 775 million barrels of oil-equivalent proved, probable, and possible reserves and another 2.5 billion barrels of oil-equivalent contingent resources. Energen was founded in 1929 and is based in Birmingham, Alabama.

Buy $9.2B

Seller(S) 1

SELLER

Ajax Resources

Houston, Texas, United States
Category Company
Founded 2015
Sector Oil/Gas Exploration
DESCRIPTION

Ajax Resources LLC is an exploration and production company focusing on oil and gas development in the Permian Basin. Company production and well site teams continuously analyze hazards associated with their work and build in appropriate safe design into their work sites.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-01 W&T Offshore - Permian Basin Assets

Texas, United States

W&T Offshore - Permian Basin Assets includes approximately 25,800 highly contiguous net acres in Andrews, Martin, Gaines and Dawson counties in West Texas.

Buy $376M
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