Diamondback Energy $322 Million Non-Core Asset Divestitures


Akin Gump advised Diamondback with

Diamondback Energy, Inc. executed the divestitures of several non-core assets.

Among the divestitures are 103,423 net acres in the Central Basin Platform, Eastern Shelf in West Texas and the Northwest Shelf in New Mexico acquired through its $9.2 billion purchase of Energen Corporation last year, in which Akin Gump also advised Diamondback. Diamondback is also divesting 6,589 net acres of non-core Southern Midland Basin acreage in Crockett and Reagan counties.

The combined gross purchase price is $322 million, subject to certain closing adjustments. Both transactions are expected to close by July 1, 2019, subject to continued diligence and closing conditions.

Akin Gump advised Diamondback with Michael Byrd (Picture), Katherine Raymond, Shane Sullivan, and Seth Molay (Corporate), Alison Chen (Tax), David Quigley and Andrew Oelz (Environmntal).

Involved fees earner: Michael Byrd – Akin Gump; Alison Chen – Akin Gump; Seth Molay – Akin Gump; Andrew Oelz – Akin Gump; David Quigley – Akin Gump; Katherine Raymond – Akin Gump; Shane Sullivan – Akin Gump;

Law Firms: Akin Gump;

Clients: Diamondback Energy, Inc.;

Author: Ambrogio Visconti