Diamondback Energy Transfers Non-Operated Properties in Delaware Basin
Diamondback Energy, a leading operator focused on the Permian Basin, is transferring its non-operated properties in the Delaware Basin to Riverbend Energy Group. The transaction values the non-op interests at roughly $138 million, according to a letter from Diamondback CEO Kaes Van’t Hof to shareholders dated August 4. The deal is anticipated to conclude in the third quarter.
Legal and Financial Details
Legal counsel for Diamondback in this transaction was Bracewell LLP, the law firm confirmed.
Diamondback's Recent Investments
In recent years, Diamondback has shifted its investment emphasis toward the Midland Basin within the Permian, notably acquiring private Midland E&P company Endeavor Energy Resources for $26 billion—the largest private U.S. oil and gas acquisition to date. It also purchased Double Eagle IV for $4.1 billion earlier this year.
Additionally, in July, Diamondback generated $130 million from selling its 10% stake in the BANGL NGL pipeline to MPLX, a midstream company.
Riverbend's Expansion
Riverbend has been actively expanding its non-op...