Akin Gump Advises Diamondback Energy on $119.2 Million Share Offering

(Dallas) – Akin Gump served as counsel to Diamondback Energy, Inc. in an underwritten public offering, which closed January 26, of approximately 2.0 million shares of its common stock for aggregate net proceeds of approximately $119.2 million.

The offering included 262,500 shares of Diamondback common stock issued pursuant to a 30-day option granted to the underwriter to purchase additional shares, which option was exercised in full by the underwriter on January 21. Diamondback intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its revolving credit facility.

Seth Molay, a partner in Akin Gump’s corporate practice, led the team advising Diamondback with the assistance of senior counsel Irina Maistrenko, counsel Ben Morgan and associate Katie Dinett.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers attorneys in offices throughout the United States, Europe, Asia and the Middle East.