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Diamondback to expand in Permian with $2.43 bln acreage buy
December 14, 2016 / 9:27 PM / a year ago

Diamondback to expand in Permian with $2.43 bln acreage buy

Dec 14 (Reuters) - Oil and gas producer Diamondback Energy Inc said it would pay $2.43 billion to buy acreage in Texas’ Permian Basin, adding to a string of deals in the prolific shale field.

Diamondback said it would pay privately held Brigham Resources Operating LLC and Brigham Resources Midstream LLC $1.62 billion in cash and 7.69 million of its shares to acquire all of their leasehold interests and related assets.

The deal will give Diamondback interests on 76,319 net acres in Pecos and Reeves counties in Texas, bringing the company’s total leasehold interests in the Permian Basin to about 182,000 net acres. (Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta)

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