Diamondback Energy (FANG) announced the sale of WTG Midstream Holdings to Energy Transfer LP (ET) resulting in total pre-tax consideration net to Diamondback of approximately $375 million, subject to customary closing conditions and adjustments. Consideration for the transaction will consist of a mix of cash and ET common units. The transaction is expected to close in the third quarter of 2024. “We would like to congratulate Stonepeak and the WTG team on this fantastic outcome,” stated Travis Stice, Chairman and Chief Executive Officer of Diamondback. “Not only has our partnership generated an outsized economic return, but WTG’s gas gathering and processing system continues to support Diamondback’s substantial activity on our dedicated acreage. We are excited to further expand our relationship with Energy Transfer and expect a smooth operational transition.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FANG:
- Diamondback Energy price target raised to $226 from $217 at Mizuho
- Diamondback Energy price target raised to $220 from $195 at RBC Capital
- Diamondback Energy price target lowered to $224 from $227 at Wells Fargo
- Diamondback Energy sees FY24 net production – 458 – 466MBOE/d
- Diamondback Energy reports Q1 EPS $4.50, consensus $4.42