US shale player Diamondback Energy is looking to make savings of $3 billion or more after forming what it says is the eighth-biggest large cap independent in the country through the $9.2 billion acquisition of Energen, creating a Permian basin giant.
The Midland, Texas-based company has set its sights on a “grow-and-prune” strategy that will see it identify assets for sale as it also looks to increase production and dividends with the all-stock deal.
