Feb 11 (Reuters) – Permian rivals Diamondback Energy and Endeavor Energy Resources are close to finalizing a merger that would create an oil and gas company that could be valued at more than $50 billion, the Wall Street Journal reported on Sunday. Gave.
Diamondback is expected to announce a deal with Endeavor as soon as Monday, the report said, adding that Diamondback faced competition from other parties, including ConocoPhillips, in striking the deal.
Endeavor and Diamondback did not immediately respond to Reuters requests for comment.
Reuters reported in December that Endeavor Energy Partners was exploring a sale that could value the largest privately held oil and gas producer in the Permian Basin at between $25 billion and $30 billion.
The sale will come nearly 45 years after Texas oilman Autry Stephens started the company that would become Endeavour.
Endeavor’s operations span 350,000 net acres (1,416 square kilometers) in the Midland portion of the Permian shale basin that extends into west Texas and eastern New Mexico. (Reporting by Utkarsh Shetty in Bengaluru; Editing by Josie Cao and Mark Porter)