Latham & Watkins Advises on Diamondback Energy, Inc.’s Secondary Public Offering of Common Stock

Diamondback Energy, Inc. (NASDAQ: FANG) (Diamondback) announced the upsize and pricing of an underwritten public offering of 12,770,000 shares of its common stock by certain legacy Endeavor stockholders. The gross proceeds from the sale of the shares by the selling stockholders will be approximately US$2.2 billion. Diamondback will not receive any proceeds from the sale of the shares. The selling stockholders have also granted the underwriters a 30-day option to purchase up to an additional 1,615,500 shares of common stock. The offering is expected to close on September 23, 2024, subject to customary closing conditions.

Latham & Watkins LLP represents the underwriters in the offering with a capital markets team led by Austin partners Michael Chambers and David Miller and Houston partner Monica White, with associates Connor Adams, Brian Bruzzo, and Jeff Serfass. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Josh Marnitz, with associate Nolan Fargo.