Diamondback Energy Inc. has completed its acquisition of QEP Resources Inc. in an all-stock merger following approval by the QEP stockholders at their special meeting held on March 16.
QEP stockholders will receive 0.05 of a share of Diamondback common stock for each share of QEP common stock issued and outstanding immediately prior to the effective time of the merger, with cash to be received in lieu of any fractional shares. As a result of the merger, QEP common stock will no longer be listed for trading on the New York Stock Exchange and its reporting obligations under the Securities Exchange Act of 1934 will be suspended.
“We are excited to announce that we have completed our acquisition of QEP. This deal, along with our recently completed acquisition of certain assets from Guidon Operating LLC bolsters our depth of Tier 1 Midland Basin inventory and positions us to allocate a majority of our capital to the high-returning Midland Basin for the foreseeable future. We look forward to updating the market on our progress on synergy capture and laying out the pro forma operating plan for 2021 as soon as practicable,” stated Travis Stice, chief executive officer of Diamondback.