Diamondback Energy closed an acreage swap transaction with TRP Energy in December, the company said in fourth-quarter earnings. (Source: Shutterstock.com)
Diamondback Energy closed an acreage trade with TRP Energy, adding inventory in the southern Midland Basin.
Under terms of the TRP trade, announced last November, Diamondback traded certain Delaware Basin assets and paid $238 million in cash in exchange for TRP’s Midland Basin assets.
TRP’s Midland holdings included around 15,000 net acres in Upton and Reagan counties, Texas, 55 undeveloped locations and 18 DUCs.
The TRP transaction closed in December, Diamondback said in fourth-quarter earnings published Feb. 24.
Diamondback said it traded TRP in exchange for assets in its Vermejo development area, located across Reeves, Loving, Ward and Winkler counties, Texas.
Last week, Diamondback announced a $4.1 billion cash-and-stock acquisition of Double Eagle IV, a private equity-backed producer in the Midland Basin.
Diamondback closed a transformational $26 billion acquisition of private Midland producer Endeavor Energy Resources in September.
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