Diamondback Energy completed the acquisition of Guidon Operating from Blackstone for $883m.

Diamondback Energy, an independent oil and natural gas company, completed its acquisition of Guidon Operating, an oil and gas company, from Blackstone, a private equity firm, for $883m. “The acquisition of these assets from Guidon checks every box of Diamondback’s corporate development strategy. This deal is accretive on all relevant 2021 financial metrics, accelerates our de-leveraging and adds high quality top quartile inventory to our Midland Basin portfolio. As a result of this deal, Diamondback is expected to reduce capital spend on our existing assets and re-allocate a portion of that capital to high return projects on the Guidon acreage. Diamondback will not only get bigger through this transaction, but most importantly better,” Travis Stice, Diamondback CEO.