Latest Global News | Diamondback Energy to buy Endeavor Energy in $26 billion deal

Workers connect drill bits and drill collars, used to extract natural petroleum, on Endeavor Energy Resources’ Big Dog Drilling Rig 22 in the Permian basin outside of Midland, Texas.

Brittany Sowacke | Bloomberg | Getty Images

Shale producer Diamondback Energy said on Monday it would buy the largest privately held oil and gas producer in the Permian Basin, Endeavor Energy Partners, in a cash-and-stock deal valued at about $26 billion, including debt.

The combined company would be the third largest oil and gas producer in the region behind Exxon and Chevron, with the latter also having announced recent deals.