Akin Gump Advises Diamondback Energy in Non-Core Asset Divestitures Totaling $322 Million
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(Dallas) – In its announcement today regarding its financial and operating results for the first quarter ended March 31, 2019, Diamondback Energy, Inc. announced the divestitures of several non-core assets. A team from Akin Gump advised Diamondback in the divestitures.
Among the divestitures are 103,423 net acres in the Central Basin Platform, Eastern Shelf in West Texas and the Northwest Shelf in New Mexico acquired through its $9.2 billion purchase of Energen Corporation last year, in which Akin Gump also advised Diamondback. (To read more, please click here.) Diamondback is also divesting 6,589 net acres of non-core Southern Midland Basin acreage in Crockett and Reagan counties.
The combined gross purchase price is $322 million, subject to certain closing adjustments. Both transactions are expected to close by July 1, 2019, subject to continued diligence and closing conditions.
The Akin Gump team advising Diamondback includes the following:
- Oil and gas partner Michael Byrd, associate Katherine Raymond and senior practice attorney Shane Sullivan.
- Corporate partner Seth Molay.
- Tax partner Alison Chen.
- Environment and natural resources partner David Quigley and senior counsel Andrew Oelz.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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