Diamondback Energy to buy FireBird Energy for $1.6 bln

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Oil and gas producer Diamondback Energy Inc said on Tuesday it will buy all leasehold interest and related assets of FireBird Energy LLC for $1.6 bln in cash and stock.

“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,” Diamondback Chief Executive Officer Travis Stice said.

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The deal for 5.86 million Diamondback shares and $775 million in cash was expected to close in the fourth quarter of 2022, according to the company. (Reporting by Arunima Kumar in Bengaluru; Editing by Shounak Dasgupta)