Diamondback's (FANG) latest acquisition augments its presence in the Permian Basin by adding about 25,000 gross (15,000 net) acres in the core of the Northern Midland Basin.
Stressing on its shareholder return program, Diamondback Energy (FANG) has committed to return half of the free cash flow through dividends and buybacks.
Monday dawned bleak for oil stock investors as a sell-off that began early last week gained steam. As of 11:20 a.m. ET, the cost of a barrel of WTI crude oil had fallen to $75.50 -- down 5.7% from Friday's close and the lowest price seen so far this year. The situation with Brent crude oil, the international benchmark, is both better and worse.