Diamondback Energy Inc. (NasdaqGS: FANG) priced a public offering of 3,000,000 common shares at $62.67 each, the company said Feb. 20.
Underwriters have an option to buy an additional 450,000 shares at the same price, the company added.
Proceeds will be roughly $208.3 million with the exercised underwriters’ option, but just $181.1 million without it, the company said. They will fund pending Permian Basin acreage acquisitions in Martin County, Texas, but may also partially fund other activities and corporate purposes, Diamondback said.
The offer is scheduled to close Feb. 26, the company added.
Its book-running manager is Credit Suisse Securities USA LLC, Diamondback said.
Diamondback, based in Midland, Texas, acquires, develops and explores in the Permian Basin.
Recommended Reading
CERAWeek: Exxon Mobil CEO Says Not Trying to Acquire Hess
2024-03-18 - CEO Darren Woods said Exxon Mobil is trying to secure preemption rights over Hess Corp.'s Guyana assets in its dispute with Chevron, not buy the company itself.
Hess Pushes Shareholders to Vote in Favor of $53B Chevron Merger
2024-04-01 - Hess Corp.’s board is unanimously recommending its shareholders vote in favor of the proposed $53 billion all-stock merger with Chevron Corp., according to Chevron’s March 28 Securities and Exchange Commission filing.
Exxon Signals Potential Counter Offer for Hess’ Guyana Assets
2024-03-07 - Exxon Mobil has filed a contract arbitration claim related to Chevron’s proposed purchase of Hess Corp.’s interests in the Stabroek Block offshore Guyana.
Chevron CEO Talks Guyana M&A, Exxon Dispute
2024-03-19 - Chevron Corp. CEO Mike Wirth said during CERAWeek by S&P Global that California’s company’s plan to acquire Hess Corporation, and specifically its 30% interest in the Guyana offshore Stabroek Block, was an important deal as well as good one.
EIA: E&P Dealmaking Activity Soars to $234 Billion in ‘23
2024-03-19 - Oil and gas E&Ps spent a collective $234 billion on corporate M&A and asset acquisitions in 2023, the most in more than a decade, the U.S. Energy Information Administration reported.