Sat. Feb 24th, 2024
Diamondback acquires Endeavor Energy as consolidation in the oil sector persists on the stock exchange

In Wall Street, the stock indices started off near zero and made a small effort to rise during the first half-hour. The Dow Jones of large companies was up 0.05 percent, the Nasdaq, which focuses on technology, was up 0.11 percent, and the broad S&P 500, which reached a new record high on Friday, was up 0.03 percent at that time.

Among the biggest news on Wall Street today is an oil company’s acquisition of its competitor for $26 billion. Diamondback Energy will acquire Endeavor Energy Resources in a cash and stock deal that will see Diamondback’s share price rise more than seven percent. The resulting company will become the largest operator in the traditional Texas oil production area of the Permian Basin, furthering industry consolidation efforts as companies seek to acquire drilling areas and cut costs. Other similar acquisitions by companies like Exxon Mobil and Chevron Corporation have also been reported in recent months.

Also tomorrow on Wall Street, Coca Cola will announce its October-January results and last year’s financial statements while in the United States we’ll get to know country’s inflation figures for January.

By Editor

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