Latham & Watkins Advises on Diamondback Energy’s Offering of Senior Notes

Diamondback Energy, Inc. (NASDAQ: FANG), an independent oil and natural gas company, has announced that it has priced an offering of US$650,000,000 aggregate principal amount of 6.25% senior notes due 2053 at a price to the public of 99.985%. Diamondback intends to use the net proceeds from the offering for general corporate purposes, including, without limitation, paying a portion of the cash consideration for the pending acquisition of all of the leasehold interest and related assets of Lario Permian, LLC upon closing (if it occurs). The offering is expected to close on December 13, 2022, subject to customary closing conditions.

Latham & Watkins LLP represents the underwriters in the offering with a corporate deal team led by Austin partners David Miller and Michael Chambers, with Austin associate Connor Adams, Houston associate Nat Bass and Austin associate Manu Vadlamudi. Advice was also provided on tax matters by Houston partner Jim Cole, with Houston associate Dylan White; and on environmental matters by Los Angeles/Houston counsel Josh Marnitz, with Washington, D.C. associate Jacqueline Zhang.