Tuesday, November 7, 2017

Diamondback Buys $100 Million Permian Acreage, But Bigger Deals Elusive

Diamondback Energy Inc. (NASDAQ: FANG) cobbled together more than 1,000 net acres and more than 950 net acres at an attractive price but CEO Travis Stice said Nov. 7 that larger tier-one Permian Basin assets remain out of stock.  Diamondback said it acquired the leasehold and mineral acreage for $102 million during third-quarter 2017. The royalty acres will likely be dropped down to Viper after commencing active development in 2018, the company said. David Kistler, an analyst with Piper Jaffray & Co., said the bolt-on deals were “the biggest news” of an otherwise solid operating quarter for which the company had pre-announced production results above expectations.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/diamondback-buys-100-million-permian-acreage-but-bigger-deals-elusive/

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