Diamondback Energy completed the acquisition of the leasehold interest and related assets of Lario Permian for $1.55bn.

Diamondback Energy, an independent oil and natural gas company, completed the acquisition of the leasehold interest and related assets of Lario Permian, a wholly owned subsidiary of Lario Oil & Gas Company, a provider of oil and gas exploration services, for $1.55bn. “Lario is an attractive bolt-on to our existing Martin County position, home to some of the best rock in the Permian Basin. This is a deal that checks all the boxes Diamondback looks for in an acquisition, as it brings over 150 gross locations in the core of the Northern Midland Basin and also provides immediate accretion to all relevant financial metrics, enhancing Diamondback’s overall value proposition to our stockholders," Travis Stice, Diamondback Chairman and CEO.