Diamondback nears $5 billion Double Eagle deal

Diamondback Energy is reportedly nearing a roughly $5 billion deal to acquire Double Eagle V, an EnCap Investments-backed company with oil and gas development assets in Texas’ Permian Basin. The acquisition would expand Diamondback’s position in the region, where it has grown through other transactions, including its 2024 purchase of Endeavor Energy Partners. The deal is expected to include cash and Diamondback stock and could be announced within days, but the companies had not confirmed it in the reports.