Midland-based Diamondback Energy said Tuesday in its announcement of the purchase of certain subsidiaries of Double Eagle IV that the two companies also are forming a JV to accelerate development of Diamondback’s non-core acreage in Midland Basin.
Diamondback said, “This acceleration is expected to bring forward net asset value to Diamondback by developing Diamondback’s lower quality acreage at a faster pace that current expectations… Diamondback expects significant free cash flow growth in 2026 and beyond with minimal capital deployment through this accelerated development plan.”