Diamondback Energy acquires Midland Basin assets of FireBird Energy

Texas-based oil and gas company Diamondback Energy has closed its previously announced cash and stock deal with Midland Basin operator FireBird Energy.

As per the terms of the deal announced in October 2022, Diamondback Energy acquired all the Midland Basin leasehold interest and associated assets of FireBird Energy.

The consideration includes the issuance of 5.86 million shares of Diamondback Energy and $775 million paid in cash.

Through the deal, Diamondback Energy gained nearly 75,000 gross (68,000 net) highly contiguous acres in the Midland Basin, with an estimated production of around 17 MBo/d (22 MBoe/d).