Diamondback Energy acquired Lario Permian, LLC (Lario Oil & Gas Company) for ~$1.45 billion (4.33 million shares [~$633M] + $814 million cash), a transaction completed in January 2023, structured as cash-and-stock.
Lario Permian, LLC (Lario Oil & Gas Company) operates in Midland Basin oil & gas exploration & production, is based in Midland Basin, West Texas. Diamondback acquired the leasehold and related assets of Lario Permian, a subsidiary of Lario Oil & Gas Company, and certain associated sellers, adding roughly 25,000 gross (16,000 net) Midland Basin acres. Consideration was 4.33 million Diamondback shares (~$633 million) plus $814 million cash, with ~$113 million of the cash placed in an indemnity holdback escrow.
Part of Diamondback's continued Midland Basin consolidation; disclosed alongside the FireBird acquisition as the 'FireBird and Lario Acquisitions.' Only a partial announcement date is known (early January 2023); the deal closed January 31, 2023.
~16,000 net Midland acres contiguous with Diamondback's development footprint. Absorbed into Diamondback's Midland Basin operations
Advisory firms were not disclosed for this transaction.