BUZZ-Diamondback Energy dips after upsized $2.2 bln secondary offering priced

Reuters
2024/09/20

** Shares of Diamondback Energy down 1.2% at $179.50 before the bell following pricing of secondary offering

** Oil and gas producer late Thurs announced 12.77 mln shares sold by certain legacy Endeavor stockholders for gross proceeds of ~$2.2 bln

** Offering size boosted from 11.27 mln shares

** In addition, FANG to repurchase 2 mln shares from underwriters Evercore, Citigroup and JP Morgan

** FANG last week closed its $26 bln cash-and-stock buy of privately-held shale oil rival Endeavor Energy Resources, which was announced in Feb

** FANG has ~294.7 mln shares outstanding as of Sept 12, per the SEC prospectus filing

** Through Thurs close, shares up 17% in 2024

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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