New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 20, 2014
06:01 EDTFANGDiamondback Energy to acquire additional working interest in Midland basin
Diamondback Energy announced the company has entered into a definitive purchase agreement to acquire an additional 1,858 net leasehold acres in Martin County, Texas, representing a 28.8% working interest, for approximately $114.3M, subject to certain adjustments. On Tuesday, February 18, the company announced that it had entered into definitive purchase agreements to acquire 6,450 gross acres in Martin County for approximately $174M and that under the terms of the existing joint operating agreement the company had made offers to the remaining working interest owners to acquire their interests in the acreage for the same proportionate price. As a result of the additional purchase announced today, Diamondback has now entered into definitive agreements to acquire an aggregate of 4,683 net acres, representing a 72.6% working interest, for an aggregate purchase price of $288.3M, subject to certain adjustments.
News For FANG From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
September 29, 2014
12:18 EDTFANGOn The Fly: Midday Wrap
Subscribe for More Information
11:26 EDTFANGPermian stocks rally after Athlon bought by Encana
Shares of companies that obtain fossil fuels from the Permian Basin are climbing after one of the names in the sector, Athlon Energy (ATHL), agreed today to be acquired by Canadian energy giant Encana (ECA). Located in Texas and New Mexico, the Permian Basin has been yielding large amounts of oil recently. WHAT'S NEW: Encana agreed to buy Athlon for $58.50 per share in cash, or $5.9B, plus the assumption of debt for a total transaction value of approximately $7.1B. Encana noted that Athlon has about 140,000 net acres focused solely in the heart of the oil-rich Midland Basin within the Permian. "This transformative acquisition further accelerates our strategy and provides us with a prime position in what is widely acknowledged as one of North America's top oil plays," said Encana CEO Doug Suttles. Encana has been looking to increase its focus on oil and natural gas liquids and decrease its emphasis on natural gas. ANALYST REACTION: In a note to investors today, Sterne Agee analyst Tim Rezvan wrote that the Athlon deal provides "a very bullish price marker" for the other pure-play Permian stocks he covers. The terms of the deal suggest that Diamondback Energy (FANG) could jump 33%, while Energen (EGN) could rally 40%, the analyst wrote. PRICE ACTION: In late morning trading, Athlon surged 25% to $58.22 and Encana rose 2.5% to $21.67, Diamondback Energy advanced 2.6% to $75.52, Energen gained 1.5% to $74.14 RSP Permian (RSPP) and Parsely Energy (PE), two other exploration and production companies focused on the Permian Basin, were up 2.4% and 4.6%, respectively.
08:27 EDTFANGDiamondback, Energen have positive read through from deal, says Sterne Agee
Subscribe for More Information
September 18, 2014
08:37 EDTFANGDiamondback Energy 2.5M share Spot Secondary priced at $75.95
Subscribe for More Information
September 17, 2014
18:29 EDTFANGOn The Fly: After Hours Movers
Subscribe for More Information
16:09 EDTFANGDiamondback Energy files to sell 2.5M shares of common stock for holders
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use