Permian basin powerhouse Diamondback Energy has reached an agreement to buy privately held Lario Permian for $1.5 billion in shares and cash.
The acquisition is the second major deal Diamondback has struck in just over a month, following the acquisition of privately held FireBird Energy for $1.6 billion.
“This is a deal that checks all the boxes Diamondback looks for in an acquisition, as it brings over 150 gross locations in the core of the Northern Midland Basin and also provides immediate accretion to all relevant financial metrics, enhancing Diamondback’s overall value proposition to our stockholders,” Diamondback chief executive Travis Stice said.
