Diamondback Energy & Endeavor Energy Resources announced they are merging to form a premier, Permian, pure play oil & gas company, in a deal valued at $26 Billion. The deal involves $8 Billion in cash and 117.3 million shares of Diamondback stock. Post-merger, Diamondback shareholders will own 60.5% of the combined company, and Endeavor shareholders will own 39.5% of the new company.

The combined company will own 838,000 net acres, produce 816,000 boepd, and have 6100 drilling locations.