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Diamondback Energy to Acquire QEP Resources

Announced Date
December 21,2020
Deal Value $
2,200,000,000
Net Acres
145,857
Location Count
1,200
Transaction Type
Corporate
Buyer
Seller
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Country
United States

State
Texas

Play


Production & Reserves
Production
77,000 Boe/d

Production Mix
63 % Oil

Reserves
483.2 MMboe (1P)


Multiples
Production ($/boe/d)
28,571

$Price/Net Acre
15,083

$1P Boe
5

$/Location
-733,333

Adj. $/acre is based on production @40,000 Boe/d

Transaction Details: 

Diamondback Energy has inked a deal to acquire QEP Resources in a cash and stock deal worth $2.2 billion, including $1.6 billion in debt.

Stockholders of QEP will receive 0.05 shares of Diamondback common stock in exchange for each share of QEP common stock, representing an implied value to each QEP stockholder of $2.29 per share based on the closing price of Diamondback common stock on December 18, 2020.

Deal Highlights:

  • Q3 2020 production of 76.7 Mboe/d (48.3 Mbo/d)
  • 48 DUCs
  • Williston Basin assets will be harvested for cash or divested
  • Land/Leasehold: 145847 (49,064 in the Permian)
  • Reserves: 382.3 MMBOE
  • Locations: 1200 (1000 in Permian & 200 in Williston)









Price History



Date Deal Headline Price$/acre
Feb-10-2021 Equinor Sells Bakken Assets to PE-Backed Firm for $900MM - -
Jan-25-2021 Enerplus to Acquire Pure-Play Bakken E&P Bruin for $465MM - -
Sep-28-2020 Devon Energy to Acquire WPX Energy In All Stock Deal - -

Other QEP Resources Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-19-2018 - - Click here Louisiana  E&P
Nov-07-2018 - - Click here North Dakota  E&P
Jul-10-2018 - - Click here Utah  E&P
Jul-27-2017 - - Click here Texas  E&P
Jul-24-2017 - - Click here Wyoming  E&P