Diamondback Energy, an independent oil and natural gas company headquartered in Midland, Texas, agreed to acquire Endeavor Energy Resources, a privately-held exploration and production company, for $26bn. "This is a combination of two strong, established companies merging to create a ‘must own’ North American independent oil company. The combined company’s inventory will have industry-leading depth and quality that will be converted into cash flow with the industry’s lowest cost structure, creating a differentiated value proposition for our stockholders," Travis Stice, Diamondback Chairman and CEO.