Diamondback Energy has announced a definitive agreement to acquire subsidiaries of Double Eagle IV Midco, marking an expansion in the Midland Basin, US. The assets being acquired encompass around 40,000 net acres in the Midland Basin's core and are expected to produce 27,

Diamondback Energy Inc. will expand in the Permian Basin after agreeing to acquire subsidiaries of closely held Double Eagle IV Midco LLC for about $4.1 billion, a significant asset boost for the top independent oil producer in North America’s most prolific shale patch.

Diamondback Energy, Inc. (FANG) shares traded nearly 1% higher in Tuesday’s pre-market session after the company said it will acquire certain Double Eagle IV Midco subsidiaries in a cash-and-stock deal expected to close on April 1.