Energen, one of Birmingham’s largest public companies, has been acquired by the Texas energy company Diamondback Energy in a deal reportedly valued at $9.2 billion and which creates the premier large cap Permian independent. The boards of each company voted unanimously to combine the two companies. The Diamondback Energy deal comes on the heels of Energen’s sale of Alagasco two years ago to Spire and shifting its focus on oil exploration and production.
You’d be forgiven for not knowing what Energen is. The Birmingham-based oil drilling company doesn’t exactly show off. But today, the “exploration and production” company announced a plan to significantly expand their American drilling operations in a conference call with slides available here.