Last week, Diamondback secured stockholder approval for the Endeavor transaction. Credit: rafapress/Shutterstock.

Diamondback Energy has confirmed that it has received a second request from the US Federal Trade Commission (FTC) concerning its planned $26bn acquisition of Endeavor Energy Resources.  

The request for additional information and documentary material is part of the FTC’s review process for the merger, which was announced in February this year. 

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If the deal materialises, Diamondback will become one of the most dominant independent oil and gas operators in the Permian Basin.  

The merged entity is anticipated to have a daily production rate of 816,000 barrels of oil and gas and control approximately 838,000 net acres. 

In an SEC filing, Diamondback said: “On 29 April 2024, the company [Diamondback] and Endeavor each received a request for additional information and documentary material (the “Second Request”) from the FTC in connection with the FTC’s review of the transactions contemplated by the merger agreement.” 

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The FTC’s heightened scrutiny of large-scale oil and gas transactions comes amid calls from US lawmakers for more rigorous oversight.  

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According to Reuters, this is the fifth oil and gas deal since December to receive a second request from the FTC, with other notable deals including Exxon-Pioneer, Chevron–Hess and Occidental-Crownrock. 

Earlier in the month, Chesapeake Energy and Southwestern Energy disclosed a delay in the completion of their $7.4bn merger to the latter half of the year following a similar second request from the FTC.  

Last week, Diamondback secured stockholder approval for the Endeavor transaction. 

“The company and Endeavor will continue to work cooperatively with the FTC in its review. The company expects that the transactions contemplated by the merger agreement will close in the fourth quarter of 2024,” Diamondback added.