M&A Deal Summary

Diamondback Energy Acquires Energen

On August 14, 2018, Diamondback Energy acquired oil/gas exploration company Energen for 9.2B USD

Acquisition Highlights
  • This is Diamondback Energy’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Diamondback Energy’s 2nd largest (disclosed) transaction.
  • This is Diamondback Energy’s 2nd transaction in the United States.
  • This is Diamondback Energy’s 1st transaction in Alabama.

M&A Deal Summary
Date 2018-08-14
Target Energen
Sector Oil/Gas Exploration
Buyer(s) Diamondback Energy
Deal Type Add-on Acquisition
Deal Value 9.2B USD
Advisor(s) J.P. Morgan Securities
Tudor, Pickering, Holt & Co., LLC (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

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.

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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 2 of 9
Sector (Oil/Gas Exploration) 2 of 9
Type (Add-on Acquisition) 1 of 4
State (Alabama) 1 of 1
Country (United States) 2 of 9
Year (2018) 2 of 3
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-09 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.

Buy $900M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-31 Ajax Resources

Houston, Texas, United States

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.

Buy -
Mergr

Product

Company

Legal