Diamondback sets US$26bil deal for shale oil rival Endeavor Energy

The combined company would be the third-largest oil and gas producer in the Permian Basin of West Texas and New Mexico, behind Exxon Mobil and Chevron. — Reuters

NEW YORK: US oil producer Diamondback Energy says it will buy privately held rival Endeavor Energy Partners in US$26bil cash-and-stock deal that continues a rapid consolidation in the top US shale oilfield.

The combined company would be the third-largest oil and gas producer in the Permian Basin of West Texas and New Mexico, behind Exxon Mobil and Chevron, with both having announced recent deals.