Key facts
- The Financial Times reported Diamondback would pay about $5 billion for Double Eagle V, which EnCap Investments backs.
- The FT said the deal would mix cash and stock and could be announced as soon as early next week.
- Diamondback, Double Eagle and EnCap did not immediately respond to Reuters requests for comment outside regular business hours.
- Diamondback and KKR agreed in the prior week to buy Five Point Infrastructure's 70% stake in Deep Blue Midland Basin.
Diamondback Energy is nearing a roughly $5 billion deal to acquire Double Eagle V, a drilling portfolio held by Texas-based energy producer Double Eagle, the Financial Times reported on November 15, 2026, citing people familiar with the matter. The FT said the portfolio is backed by private equity firm EnCap Investments and that the transaction would be paid in cash and stock.
The FT reported the acquisition could be announced as soon as early next week. Reuters could not immediately verify the report. Diamondback, Double Eagle and EnCap did not immediately respond to requests for comment outside regular business hours.
The report follows an agreement in the week before November 15, 2026 by Diamondback and private equity firm KKR to acquire Five Point Infrastructure's 70% stake in Deep Blue Midland Basin, a water infrastructure firm in the Permian Basin.
Diamondback, based in Midland, Texas, has expanded in the Permian Basin, which straddles West Texas and New Mexico. It struck a $26 billion deal in 2024 to buy rival Endeavor Energy Partners, becoming the third-largest producer in the region, and bought certain units of Double Eagle for $4.08 billion in cash and stock in February 2025.