Diamondback Energy acquires Lario Permian in another billion-dollar deal

Midland-based Diamondback Energy made its second major acquisition in as many months with the Nov. 16 announcement that it is acquiring all leasehold interest and related assets of Lario Permian, subsidiary of family-owned Lario Oil & Gas. Value of the cash-and-stock transaction is $1.5 billion ($850 million cash). Closing is expected Jan. 31, 2023, for 15,000 net acres (25,000 gross) in northern Midland Basin with anticipated 2023 production of 25,000 boed (72 percent oil).
Travis Stice, chairman and CEO, said, “Lario is an attractive bolt-on to our existing Martin County position, home to some of the best rock in the Permian Basin.” Lario was founded in 1927 in Wichita, Kansas, with all current operations located in Permian Basin. Diamondback announced its acquisition of Fort Worth-based FireBird Energy Oct. 11 in stock-and-cash deal valued at $1.6 billion.