Diamondback Doubles Down in Delaware; Still Bearish but Raising Fair Value Estimate
Last week Diamondback announced that it has agreed to purchase 76,000 net acres in Pecos and Reeves Counties, Texas, for $2.4 billion. The deal greatly expands the company's Delaware Basin footprint and raises the company's total Permian Basin position to around 180,000 net acres. Management believes that's enough acreage to efficiently support 15-20 rigs, and since the vast majority of it breaks even well below our midcycle estimate for WTO crude of $55 per barrel, we anticipate that the compan...Diamondback Energy is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. The company's activities are primarily focused on horizontal development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin, both of which are part of the larger Permian Basin in West Texas and New Mexico.
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