Diamondback in talks to acquire Double Eagle for $5 billion, WSJ reports
According to The Wall Street Journal, Diamondback Energy is reportedly in talks to acquire Double Eagle. Sources familiar with the situation suggest a formal deal announcement could be made in the upcoming days. Sources also noted the possibility that another potential buyer could still step in.
Texas-based Double Eagle owns over 95,000 net acres in the Midland basin, making it one of the largest assets in the Permian basin. Double Eagle is supported by private-equity firm EnCap Investments, and the acquisition would hold a value of more than $5 billion if the deal is finalized.
In 2024, Diamondback Energy acquired Endeavor Energy for $26 billion, further expanding its Permian operations and setting its combined value at close to $50 billion.
Both Diamondback and Double Eagle declined to comment on the reports.
