Diamondback Energy completed the acquisition of QEP Resources for $2.2bn.

Diamondback Energy, a company engaged in hydrocarbon exploration, completed its acquisition of QEP Resources, an independent crude oil and natural gas exploration and production company, for $2.2bn, including $1.6bn net debt. The consideration will consist of 0.05 shares of Diamondback common stock for each share of QEP common stock, representing an implied value to each QEP stockholder of $2.29 per share based on the closing price of Diamondback common stock on December 18, 2020. “The acquisition of QEP also checks every box of Diamondback’s corporate development strategy. The business combination with QEP and the Guidon transaction are accretive on all relevant 2021 financial metrics including free cash flow per share, cash flow per share and leverage, even before accounting for synergies. Most importantly, the addition of this Tier-1 resource competes for capital right away in Diamondback’s current portfolio, and we will now be able to allocate most of our capital to the high-returning Midland Basin for the foreseeable future," Travis Stice, Diamondback CEO.