Diamondback Energy Bids $2.4 Billion For Brigham Resources

Diamondback Energy Inc. announced Wednesday afternoon that it has agreed to purchase Brigham Resources for $2.43 billion, a move to add to its oil assets in Texas. Diamondback said that the move would add more than 76,000 net acres of leasehold interests in Texas, giving the oil and natural gas company roughly 182,000 net surface acres in the Permian Basin. "With Diamondback's proven ability to execute, we now believe we have the resource and acreage base to efficiently support 15 to 20 operated rigs," Diamondback Chief Executive Travis Stice said in the announcement. Diamondback expects to pay $1.62 billion in cash and the rest in stock, with closing expected in February. Diamondback stock fell 3.5% in late trading after the deal was announced.