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S&P places Diamondback on positive watch
S&P said it placed its ratings for Diamondback Energy Inc., including its BBB- issuer and debt ratings, on CreditWatch with positive implications. The positive watch indicates a potential upgrade of one-notch. It also placed the ratings of Viper Energy, Inc., a majority-owned unit of Diamondback, on CreditWatch with developing implications. S&P considers Viper a core Diamondback subsidiary.
The rating actions follow Diamondback reporting it agreed to buy Endeavor Energy Resources LP for about $26 billion in cash and stock.
“The CreditWatch placement reflects our view that Diamondback's business will improve consistent with BBB rated peers as a result of the merger with Endeavor. On a pro forma basis, the company's acreage position increases to about 835,000 net acres with production of about 815,000 barrels of oil equivalent per day (boe/d), approximately 60% of which is oil. This compares with about 485,000 net acres and production of about 463,000 boe/d for stand-alone Diamondback,” S&P said in a statement.
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