Diamondback reportedly nears $5 billion deal to buy drilling portfolio from Double Eagle
FANG•Diamondback Energy reportedly is nearing a roughly $5 billion cash-and-stock deal to buy Double Eagle V, backed by EnCap Investments. The deal could be announced as soon as early next week.
1. Reported deal details
Diamondback Energy is nearing a roughly $5 billion acquisition of Double Eagle V, a drilling portfolio backed by EnCap Investments, and the deal could be announced as soon as early next week. The reported transaction would comprise cash and stock; Diamondback, Double Eagle and EnCap did not immediately respond to requests for comment.
2. Permian expansion
Diamondback has been expanding in the Permian Basin, including a $26 billion deal in 2024 to buy Endeavor Energy Partners. In February 2025, it bought certain Double Eagle units for $4.08 billion in cash and stock.
