16 May 2022business combination▲ GoodMajor
Diamondback agreed to buy out the public unitholders of its majority-owned Rattler Midstream LP for stock, at roughly a 17% premium, bringing the midstream business fully in-house.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2022merger communication● Neutral
A duplicate SEC filing of the same-day announcement that Diamondback will buy out Rattler Midstream's public unitholders.
24 Mar 2022material agreement termination● Neutral
Diamondback redeemed its remaining 2024 and 2025 notes (about $1.56 billion combined), completing the refinancing into its new 2052 bonds.
17 Mar 2022debt financing● Neutral
Diamondback closed its $750 million offering of 4.250% notes due 2052 on March 17, two weeks after pricing it. The notes were issued under a fifth supplemental indenture and guaranteed by Diamondback E&P LLC.
9 Mar 2022material agreement● Neutral
Diamondback priced $750 million of 4.250% senior notes due 2052 at 99.714% of par. It planned to use the proceeds, plus cash on hand, to redeem all of its 4.750% 2025 notes and 2.875% 2024 notes.
24 Mar 2021debt financing● Neutral
Diamondback and its newly acquired QEP Resources subsidiary bought back roughly $2.1 billion of their own outstanding bonds, cleaning up QEP's legacy debt after the merger.
17 Mar 2021asset acquisition disposition▲ GoodMajor
Diamondback completed its all-stock merger with QEP Resources, Inc.; QEP shareholders received 0.05 of a Diamondback share for each QEP share, and QEP was delisted from the NYSE.
4 Mar 2021capital raising announcement● Neutral
This amendment reports that the Guidon acquisition (about 32,500 net acres in the Northern Midland Basin, agreed Dec 2020) closed on February 26, 2021. Diamondback paid the cash consideration ($375 million per the original deal) and issued 10.68 million shares, slightly more than the 10.63 million first announced, under the agreement's adjustment terms. This resolves the pending Guidon deal.
24 Feb 2021merger communication● Neutral
Diamondback filed the transcript of its fourth-quarter 2020 earnings call.
23 Feb 2021merger communication● Neutral
Diamondback posted its updated investor presentation alongside its fourth-quarter 2020 results.
22 Feb 2021merger communication▲ GoodMajor
Diamondback reported strong fourth-quarter 2020 results, raised its annual dividend 6.7% to $1.60 per share, and reaffirmed its Guidon Operating and QEP Resources deals were both on track to close within weeks.
3 Feb 2021business combination▼ Bad
Diamondback filed Amendment No. 1 to its S-4 for the QEP merger, with QEP shareholders to receive 0.050 Diamondback share per QEP share, valued at about $2.921 per share. The QEP special meeting was set for 16 March 2021, held virtually, with a 5 February record date.
22 Jan 2021business combination● NeutralMajor
Diamondback filed an S-4 registering up to about 12.4 million shares for its all-stock purchase of QEP Resources, at a fixed 0.050 Diamondback share per QEP share. The filing included a proxy statement/prospectus for a QEP stockholder vote, and QEP holders bear the price risk until closing.
22 Dec 2020merger communication● Neutral
Diamondback filed the transcript of its December 21, 2020 call on the QEP Resources and Guidon Operating acquisitions, in which management cited at least $60-80 million of annual synergies and plans to shift capital to the acquired Northern Midland Basin assets.
21 Dec 2020merger communication● Neutral
QEP Resources' own filing confirmed the merger terms with Diamondback: each QEP share converts into 0.05 of a Diamondback share.
21 Dec 2020business combination▲ GoodMajor
Diamondback announced two new Midland Basin deals the same day: an all-stock merger with QEP Resources, Inc., and a $375 million cash-plus-stock purchase of Guidon Operating LLC's roughly 32,500 net acres.
21 Dec 2020merger communication● Neutral
Diamondback agreed to acquire QEP Resources in an all-stock merger at 0.05 Diamondback share per QEP share. It also agreed to buy about 32,500 net acres in the Northern Midland Basin from Guidon for $375 million in cash plus 10.63 million shares.
21 Dec 2020merger communication● Neutral
Diamondback's CEO told employees about the newly announced QEP Resources merger and Guidon Operating acquisition, framing both as additions to its Midland Basin inventory.
26 May 2020debt financing● Neutral
Energen's tender offer for its 4.625% 2021 notes expired with $208.7 million (52.17%) tendered and paid for on May 26, funded by Diamondback's new $500 million notes, which closed that day. Untendered notes remain outstanding.
21 May 2020material agreement● Neutral
Diamondback raised $500 million in new bonds, using the proceeds to help its Energen subsidiary buy back its own 2021 notes and pay down revolving debt - a defensive refinancing move as oil prices collapsed in the pandemic downturn.
5 Dec 2019debt financing● Neutral
Diamondback completed a $3.0 billion sale of 2024, 2026 and 2029 senior notes and used the proceeds to deposit funds to redeem all $1.25 billion of its 4.75% notes due 2024 on December 20 at 103.563% of principal. This discharged the old notes' indenture and released some subsidiary guarantees.
22 Nov 2019material agreement● NeutralMajor
Diamondback raised $3.0 billion across three new bond issues to refinance its existing 4.75% notes and pay down revolving debt, extending its debt maturities out to 2029.
4 Sept 2019debt financing● Neutral
Diamondback got its lenders' consent to use larger interest-rate swaps, up to $3 billion, to manage its debt costs.
3 July 2019debt financing● Neutral
Diamondback filed Amendment No. 1 to its Form S-4 for the 4.750% Senior Notes due 2024 exchange solely to re-file an updated Grant Thornton consent and add legality opinions from Akin Gump and Balch & Bingham, with their consents.
3 July 2019debt financing▲ Good
Diamondback amended its credit facility to prepare for an eventual switch to unsecured borrowing once its debt reaches investment grade, and raised its borrowing base to $3.4 billion in the meantime.
29 May 2019material agreement▲ GoodMajor
Diamondback's midstream subsidiary, Rattler Midstream LP, sold 38 million units to the public for about $626.5 million, distributing the proceeds back up to Diamondback to reimburse capital spending.
29 Mar 2019debt financing● Neutral
Diamondback raised its revolving credit commitment from $2.0 billion to $2.5 billion.
22 Mar 2019debt financing● Neutral
Diamondback registered its $750 million of add-on 2024 bonds from September 2018 so holders could exchange them for public notes.
6 Dec 2018asset acquisition disposition▲ GoodMajor
Diamondback completed its $9.2 billion all-stock acquisition of Energen Corporation, repaying $560 million of Energen's existing debt and assuming Energen's remaining $530 million of legacy bonds.
16 Nov 2018business combination● Neutral
Diamondback and Energen Corporation added extra disclosures to their merger filings after shareholders sued alleging the proxy materials omitted information - a standard step taken to head off the litigation before the vote.