This week’s $26 billion combination of two Texas oil companies is the latest in a series of deals that’s ushering in the era of Big Shale. Wall Street, which eyed the sector with skepticism for most of the last decade, appears to be all in. Diamondback Energy Inc.’s takeover of Endeavor Energy Resources LP announced … Read more
Diamondback Energy Inc. surged more than 10% after agreeing to buy fellow Permian Basin driller Endeavor Energy Resources LP in a $26 billion deal that’ll create the largest explorer focused exclusively on the western hemisphere’s busiest oil field. The agreement swells the value of recent shale takeovers to roughly $150 billion as oil executives scramble … Read more
Oil prices are set to end 2023 about 10% lower after two years of gains as geopolitical concerns, production cuts and central bank measures to rein in inflation triggered wild fluctuations in prices. On Friday, oil climbed after falling 3% the previous day as more shipping firms prepared to transit the Red Sea route. … Read more