Diamondback Energy, an independent oil and natural gas company headquartered in Midland, Texas, completed the acquisition of FireBird Energy, a Fort Worth, Texas-based upstream oil and gas company, for $1.6bn. "This bolt-on acquisition adds significant, high-quality inventory right in our backyard. With over 350 locations adjacent to our current Midland Basin position, this asset adds more than a decade of inventory at our anticipated development pace, including inventory that competes for capital right away in Diamondback’s current development plan. Also, importantly, this transaction is accretive on all relevant 2023 and 2024 financial metrics, immediately increasing expected per share returns to our stockholders in the near-term while also improving the long-term duration of the Company’s cash return profile," Travis Stice, Diamondback Chairman and CEO.