Diamondback Energy, Inc. has announced the acquisition of all leasehold interests and related assets of Lario Permian, LLC.

The transaction was valued at 4.18 million in shares and US$850 million in cash.

Lario Permian has multiple legacy assets in the Midland Basin and the Central Basin Platform. The company owns nearly 25,000 acres in the Northern Midland basin in Texas, with an estimated average production rate of approximately 18,000 barrels of oil per day for 2023. 

Diamondback is an oil and natural gas company. It has its headquarter in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.