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Diamondback Energy agrees to buy Endeavor in $26bn US oil deal

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Diamondback Energy agrees to buy Endeavor in bn US oil deal

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Diamondback Energy has agreed to buy Endeavor Energy Resources in a $26bn deal, beating ConocoPhillips in a race for one of America’s most sought-after private oil producers.

The cash and stock transaction, announced on Monday, will transform Midland, Texas-based Diamondback into one of the biggest participants in the sprawling Permian Basin of Texas and New Mexico, the biggest US oilfield.

Diamondback, which was valued at $27bn before the deal was announced, had been vying for weeks with the much larger Conoco to buy the shale oil producer. News of the takeover sent its shares up 10 per cent on Monday.

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“With this combination, Diamondback not only gets bigger, it gets better,” said Travis Stice, Diamondback’s chief executive.

The deal is the latest in a series of large-scale merger and acquisition activity in the US shale patch as companies look to snap up the best remaining drilling acreage.

ExxonMobil announced a $60bn deal in October to buy Pioneer Natural Resources, the biggest participant in the Permian. That was followed shortly afterwards by Chevron unveiling a $53bn acquisition of Hess, which has assets in North Dakota’s Bakken shale and a stake in the biggest oil find of the past decade, off the coast of Guyana in South America.

Last month, Chesapeake Energy agreed to buy Southwestern Energy for $7.4bn to create the country’s biggest natural gas producer.

Diamondback itself lost out to Occidental Petroleum in its bid to buy CrownRock, another big private operator in the Permian. Occidental agreed a $12bn deal for the company in December.

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The Endeavor transaction will consist of an $8bn cash payment and 117.3mn Diamondback shares worth $18bn as of Friday. The combined company will produce 816,000 barrels of oil equivalent a day, making it one of the biggest participants in the US shale energy industry. Endeavor’s owners will retain a 40 per cent stake in the combined company. 

Endeavor was set up by wildcat billionaire Autry Stephens in 2000, emerging from a business he built up from a solitary rig in 1979. Alongside CrownRock and Mewbourne Oil, it grew to become one of the leading private operators in the country.

The company has been on the market intermittently over the years, but no would-be acquirer has ever offered enough to satisfy Stephens.

“I am grateful to the Endeavor team and proud of what we have built since 1979,” Stephens said on Monday. “We believe Diamondback is the right partner for Endeavor, our employees, families and communities.”

Andrew Dittmar, an analyst at consultancy Enverus, said Diamondback’s record as a low-cost and efficient operator “gave the Stephens family confidence in taking their equity as the major consideration in the deal” and was “key to securing the deal . . . when negotiating against larger rivals”.

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“The acquisition of Endeavor has a high likelihood of being the biggest upstream deal of 2024 and is among the last major outstanding M&A puzzle pieces to put together in the Permian Basin,” he added.

Like other private producers, Endeavor has increased output sharply in recent years as publicly listed rivals have held back on drilling under pressure from Wall Street to return cash to shareholders.

The surge in output from private oil groups has helped drive US production to record levels. The country pumped 13.3mn b/d of oil in November, the last month for which data is available from the Energy Information Administration, more than any country in history.

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

We’re working diligently to ensure no one leaves the security in an unsecured way at an inappropriate time. No one who poses a risk to public health is walking out the front door of the streets of Omaha or beyond.

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Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

By Axel Boada

May 11, 2026

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

The man charged with attempting to assassinate President Donald Trump at the White House Correspondents’ Association dinner last month pleaded not guilty at a Monday arraignment in federal court.

Cole Tomas Allen, 31, wearing an orange shirt and trousers, was handcuffed and shackled as he was brought into the courtroom in Washington, D.C., federal court. His handcuffs were attached to a chain around his waist, which clanked as he was led to the defense table.

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Speaking on behalf of Allen, federal public defender Tezira Abe said her client “pleads not guilty to all four counts as charged,” including attempting to assassinate the president of the United States, in connection with the April 25 incident at the Washington Hilton hotel.

Assistant U.S. Attorney Charles Jones advised the court that they plan to start producing their first tranche of discovery to the defense by the end of the week.

Officials said Allen, a California teacher and engineer, was armed with multiple guns, as well as knives, when he sprinted through a security checkpoint near the event where Trump and other White House officials had gathered with journalists.

He was arrested after an exchange of gunfire with a U.S. Secret Service officer who fired at him multiple times, a criminal complaint said. Allen was not shot during the exchange. The officer, who was wearing a ballistic vest, was shot once in the chest, treated at a hospital and released.

Trump and top members of his Cabinet and Congress were quickly evacuated from the room as others ducked under tables.

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Allen was initially charged with attempting to assassinate the president, transportation of a firearm and ammunition through interstate commerce with intent to commit a felony, and discharge of a firearm during a crime of violence. On Tuesday, a federal grand jury indicted him on a new charge in the shooting of a Secret Service agent.

Moments before the attack, Allen had sent his family members a note apologizing and criticizing Trump without mentioning the president by name, according to a transcript of some of his writings provided to NBC News by a senior administration official. Allen also wrote that “administration officials (not including Mr. Patel)” were “targets.”

He also appeared to have taken a selfie in his hotel room. Prosecutors said Allen, who was dressed in a black button-down shirt and black pants, was “wearing a small leather bag consistent in appearance with the ammunition-filled bag later recovered from his person,” as well as a shoulder holster, a sheathed knife, pliers and wire cutters.

Officials have said they believe Allen had traveled by train from California to Washington, D.C., before checking into the hotel.

Allen’s sister, Avriana Allen, told law enforcement that her brother would make radical comments and constantly referenced a plan to fix the world, but said their parents were unaware that he had firearms in the home and that he would regularly train at shooting ranges.

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Records show that he had purchased a Maverick 12-gauge shotgun in August 2025 and an Armscor Precision .38 semiautomatic pistol in October 2023.

After his arrest, Allen told the FBI that he did not expect to survive the incident, according to Assistant U.S. Attorney Jocelyn Ballantine. He was briefly placed on suicide watch at the Washington, D.C., jail, where he’s being held.

Allen is expected to appear in court for a June 29 hearing.

At Monday’s arraignment, his legal team said they plan on asking for the “entire office” of the U.S. attorney for the District of Columbia to be recused because of U.S. Attorney Jeanine Pirro’s apparent involvement in the case in a “supervisory role.” Federal public defender Eugene Ohm said some of the evidence they receive from the government will further inform that decision.

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Maps: Earthquakes Shake Southern California

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Maps: Earthquakes Shake Southern California

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Shake intensity

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Pop. density

Note: Map shows the area with a shake intensity of 3 or greater, which U.S.G.S. defines as “weak,” though the earthquake may be felt outside the areas shown.  All times on the map are Pacific time. The New York Times

A cluster of earthquakes have struck near the U.S.-Mexico border, including ones with a 4.5 and 4.7 magnitude, according to the United States Geological Survey.

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As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Aftershocks detected

Subsequent quakes have been reported in the same area. Such temblors are typically aftershocks caused by minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.

Quakes and aftershocks within 100 miles

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Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.

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When quakes and aftershocks occurred

 All times are Pacific time. The New York Times

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Sources: United States Geological Survey (epicenter, aftershocks, shake intensity); LandScan via Oak Ridge National Laboratory (population density) | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Saturday, May 9 at 11:55 p.m. Eastern. Aftershocks data is as of Sunday, May 10 at 11:54 p.m. Eastern.

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