Diamondback Energy announced the launch of an underwritten public offering of 11.27M shares of its common stock by certain Legacy Endeavor stockholders, subject to market and other conditions. Diamondback will not receive any proceeds from the sale of the shares by the selling stockholders. In addition, Diamondback has authorized the purchase from the underwriters of 2M shares of common stock offered in the secondary offering. The share repurchase is part of the Diamondback’s existing share repurchase program. Diamondback intends to fund the share repurchase from existing cash on hand. Evercore ISI, Citigroup and J.P. Morgan are acting as joint book-running managers for the secondary offering.
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