The Midland Chamber is celebrating the merger of Diamondback Energy and Endeavor Energy Resources, marking a significant milestone in the local energy sector. Endeavor has been absorbed under the Diamondback name.
The chamber described the completed merger as the unification of two notable community partners and Midland-based oil and gas leaders in a September 10 Facebook post.
According to the post, the chamber anticipates Diamondback continuing to shape the future of energy in the Permian Basin.
Diamondback Chairman and Chief Executive Officer (CEO) Travis Stice said in a company-issued press release that the closing of the "transformative" merger creates a "must own" North American independent oil company.
"Today, Diamondback is not only bigger, but better," Stice said. "Our high-quality inventory located in the heart of the Permian Basin gives us the running room to do what we do best: turn rock into cash flow."
Stice added in the release that he is grateful to the employees who were instrumental in ensuring the closing of the merger, as well as extended a welcoming hand to Endeavor employees.
Diamondback is an independent oil and natural gas company focused on acquiring, developing, exploring, and exploiting unconventional, onshore oil and natural gas reserves in West Texas's Permian Basin.