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The Houston oil and gas operator said Tuesday it will consider asset sales if need be following its deal to bolster operations in the Permian Basin.
Diamondback Energy (FANG) increased its 2016 and 2017 production outlook and said it's no longer holding M&A discussions.
A turnaround may be in the sights for the industry but many companies could still look toward divestitures to strengthen their finances and put money in the bank for acquisitions.
The agency said global crude stockpiles will persist through 2017, but analysts noted Tuesday that U.S. producers will still ramp production if oil hovers above $50 per barrel next year.
The deal is the latest in what's become an industry-wide land grab for acreage in the area
The oil and gas producer will buy the family-owned operator in a deal worth $2.45 billion, a bargain price considering the attractive West Texas assets included in the package.
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The investments follow a flurry of deals in the region, including DiamondBack Energy Inc.'s purchase of properties in the Delaware Basin from Natural Gas Partners-backed Luxe Energy for $560 million.
Earlier this year, dozens of cash-squeezed oil producers announced billions of dollars of planned asset sales. Problem is, nobody was interested. Now, seemingly everyone is.
The acquisition expands the buyer into West Texas' hot Delaware Basin and is part of its plan to become a top mid-cap explorer and producer.
U.S. banks from JPMorgan Chase to Citigroup and Bank of America have become financial supermarkets, reaping juicy fees from selling stocks for distressed oil companies that were previously big borrowers.
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The Midland, Texas, oil and gas explorer didn't reveal the name of the seller, but a source said it was Natural Gas Partners-backed Luxe Energy.
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