Diamondback is working with undisclosed financial adviser to seek potential buyers for its non-core assets. Credit: Anita starzycka from Pixabay.

Independent oil and gas company Diamondback Energy is considering divesting non-core assets in the western Permian Basin, US, reported Bloomberg News.

The move comes as the Texas-based explorer intends to capitalise on more active shale deal markets in the North American country.

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In February 2023, Diamondback raised its sale target for non-core assets from $500m to $1bn.

The company is now working with undisclosed financial adviser to seek potential buyers for its non-core assets located around Pecos County, Texas, reported the news agency citing people familiar with the matter.

Diamondback, which has not made final decision on the sale, could opt to continue to operate the assets, according to the people.

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During a conference call with analysts earlier this year, Diamondback chief financial officer Kaes Van’t Hof said that the company: “is going to be patient and prudent when it comes to selling assets.”.

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The company could more likely offload pipeline assets than exploration properties.

Recently, Diamondback Energy joined the Oil and Gas Methane Partnership 2.0 (OGMP 2.0), a comprehensive, measurement-based reporting framework for the oil and gas industry.

The United Nations Environment Programme’s oil and gas reporting and mitigation programme, OGMP 2.0 aims to enhance the accuracy and transparency of methane emissions reporting in the oil and gas sector.

Diamondback is engaged in acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.