© Reuters. The solar rises behind an oil tanker driving by means of the Permian Basin in Mentone, Texas, U.S., November 26, 2019. Picture taken November 26, 2019. REUTERS/Angus Mordant/File Photo
(Reuters) -Permian rivals Diamondback (NASDAQ:) Energy and Endeavor Energy Resources are near finalizing a merger that might create an oil and gasoline firm that could possibly be valued at greater than $50 billion, the Wall Street Journal reported on Sunday.
A deal could possibly be introduced by Diamondback with intently held Endeavor as quickly as Monday, the report mentioned, including that Diamondback fended off competitors from different events together with ConocoPhillips (NYSE:) in putting a deal.
Endeavor and Diamondback didn’t instantly reply to a Reuters request for remark.
Reuters in December reported that Endeavor Energy Partners was exploring a sale that might worth the biggest privately held oil and gasoline producer within the Permian basin at between $25 billion and $30 billion.
The sale would come nearly 45 years after Texas oilman Autry Stephens began the corporate that might turn into Endeavor.
Endeavor’s operations span 350,000 internet acres (1,416 sq. kilometers) within the Midland portion of the Permian shale basin that straddles West Texas and jap New Mexico.