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.