Akin Gump Advises Diamondback Energy in Pair of Permian Basin Acquisitions

(Dallas) – Akin Gump has advised Diamondback Energy, Inc. in a pair of deals announced today through which the company intends to expand its presence in the Permian Basin.

In one of the deals, Diamondback and QEP Resources announced that they have entered into a definitive agreement under which Diamondback will acquire QEP in an all-stock transaction valued at approximately $2.2 billion, including QEP’s net debt of $1.6 billion as of September 30, 2020.

To learn more, please click here.

The Akin Gump team members and their respective areas of work included:

• Corporate: Partners Jeffrey Kochian, Eli Miller, Seth Molay and John Goodgame, counsel Kim Rowe and Natasha Burnett, and associates Julia Rinker and Therese Detablan.
• Finance: Partners Alan Laves and William Morris, and counsel Katie Dinett and Chase Armbrust.
• Oil and gas: Partners Mike Byrd and David Sweeney and senior practice attorney Shane Sullivan.
• Tax: Partners Alison Chen and Jocelyn Tau.
• Antitrust: Partner Gorav Jindal and senior counsel Stacy Kobrick.
• Real estate: Partner John Bain, counsel Alex Agahzadeh and associate Shaila Manjiyani.
• Environmental: Partner David Quigley and senior counsel Andrew Oelz.

In the second transaction, Diamondback has entered into a definitive purchase agreement to acquire all leasehold interests and related assets of Guidon Operating LLC in exchange for 10.63 million shares of Diamondback common stock and $375 million of cash. The cash portion of this transaction is expected to be funded through a combination of cash on hand and borrowings under Diamondback’s credit facility.

To learn more about this transaction, please click here.

The Akin Gump deal team and their respective areas of work were:

• Oil and Gas: Partners Mike Byrd and David Sweeney and senior practice attorney Shane Sullivan.
• Corporate: Partners Seth Molay, John Goodgame, Nicholas Houpt and Cynthia Mabry, senior counsel Irina Maistrenko, and associates Leana Garipova and Anthony Hilbert.
• Tax: Partner Alison Chen and associate Sangita Sahasranaman.
• Finance: Partner Alan Laves and counsel Katie Dinett.
• Environmental: Partner David Quigley and senior counsel Andrew Oelz.

In both transactions, Akin Gump assisted Diamondback general counsel Matt Zmigrosky.

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East. Founded in 1945, the firm is proudly celebrating its 75th anniversary in 2020. #AkinGump75

# # #