Diamondback in Talks to Buy Permian Producer Double Eagle
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Diamondback Energy is in talks to buy Double Eagle, a big West Texas crude producer, a sign consolidation in the country’s biggest oil patch isn’t slowing down. Double Eagle, backed by private-equity firm EnCap Investments, could be valued at more than $5 billion in the transaction, the people said. Fort Worth-based Double Eagle owns more than 95,000 net acres in the Midland portion of the Permian Basin and is one of the last big assets left in the region, the largest U.S. oil field.
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