Diamondback Energy Inc. (NASDAQ: FANG) recently revealed another acquisition that was too good for the Midland, Texas-based company to pass up despite an already blockbuster quarter of M&A activity.
Building on its track record of growth within cash flow, Diamondback said in its Nov. 6 earnings release that the company closed additional tack-on acquisitions in the Northern Midland Basin during the third quarter for $312.5 million.
The additional acquisitions bring Diamondback’s deal-making for the quarter to well over $10 billion worth of transactions.
Diamondback kicked off its buying spree in early August with a roughly $1.25 billion cash-and-stock purchase of Ajax Resources LLC, an E&P backed by Kelso & Co. with leasehold acreage in the Northern Midland Basin. Less than a week later, the company followed up its Ajax deal with an agreement to buy fellow Permian player Energen Corp. (NYSE: EGN) in an all-stock transaction worth roughly $9.2 billion including debt.