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Diamondback Energy Buys Out Energen Corp

oil rig

One of Alabama's largest publicly held companies, the Birmingham-based Energen Corp., is being bought out by Texas-based Diamondback Energy Inc. in a stock deal worth more than $9 billion.

The companies announced the transaction in a statement released Tuesday. They say the deal will create a company that will operate in the Permian Basin, which produces oil and natural gas located in west Texas and southeastern New Mexico.

The combined company will produce the equivalent of about 222,000 barrels of oil daily and own more than 266,000 acres in the region.

Diamondback Energy is an independent oil and natural gas company based in Midland, Texas. Energen owned Alagasco before switching its focus to oil exploration and production.

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