Diamondback Energy is nearing a roughly $5 billion purchase of Double Eagle V to expand its holdings in Texas’s oil-rich Permian Basin, the Financial Times reported, citing people familiar with the matter. Source
The target is backed by private equity firm EnCap Investments and has accumulated drilling assets in the Midland portion of the Permian. The potential deal would probably combine cash and stock, the FT’s sources said, but they cautioned that its terms and announcement timing could change. Source
In its November 15, 2026 report, Reuters said it couldn’t immediately verify the FT’s account. Both outlets said Diamondback, Double Eagle and EnCap hadn’t immediately responded to requests for comment; Reuters noted that its requests came outside regular business hours. Source Source
In 2025, Diamondback acquired Double Eagle IV in a cash-and-stock transaction worth roughly $4.1 billion, according to the FT. Same dealmaking circle, next Roman numeral. Source
Double Eagle’s team buys smaller parcels of Permian acreage and assembles them into larger portfolios with the aim of selling them for a profit, the FT reported. Source
The reports don’t provide Double Eagle V’s acreage, production or reserves, or a precise cash-and-stock split. Source Source
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