Diamondback CEO: Shareholder value behind QEP, Guidon deals
Dec. 21, 2020
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Travis Stice, Diamondback Energy CEO, speaks at the 2020 State of Oil & Gas luncheon Jan. 20 at the Bush Convention Center. Diamondback announced Monday it is acquiring two companies in deals totaling about $3 billion.Tim Fischer/Midland Reporter-Telegram
Energy analysts woke up Monday morning to the news that Midland-based Diamondback Energy is making two acquisitions for a total of about $3 billion.
“We did not need to do either of these trades to execute our business plan,” said Travis Stice, Diamondback’s chief executive officer, sitting in his company’s conference room.
“When we do a deal, it has to demonstrate shareholder value. The way we look at that is if the deals are accretive,” he said.
Reuters/Hart Energy Staff
Mon, 12/21/2020 - 07:48 AM
The pending QEP acquisition, together with the previously announced pending acquisition of assets from Guidon Operating LLC, will bring Diamondback’s total leasehold interests to over 276,000 net surface acres in the Midland Basin (429,000 Midland and Delaware Basin net acres).
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[Editor s note: This story has been updated from a previous version posted at 7:51 a.m. CT Dec. 21.]
U.S. shale producer Diamondback Energy said on Dec. 21 it would buy rival QEP Resources Inc. in an all-stock deal valued at around $2.2 billion.