© Reuters. The sun rises behind an oil tanker driving through the Permian Basin in Mentone, Texas, U.S., November 26, 2019. Picture taken November 26, 2019. REUTERS/Angus Mordant/File Photo
(Reuters) -Permian rivals Diamondback (NASDAQ:) Energy and Endeavor Energy Resources are close to finalizing a merger that would create an oil and gas company that could be valued at more than $50 billion, the Wall Street Journal reported on Sunday.
A deal could be announced by Diamondback with closely held Endeavor as soon as Monday, the report said, adding that Diamondback fended off competition from other parties including ConocoPhillips (NYSE:) in striking a deal.
Endeavor and Diamondback did not immediately respond to a Reuters request for comment.
Reuters in December reported that Endeavor Energy Partners was exploring a sale that could value the largest privately held oil and gas producer in the Permian basin at between $25 billion and $30 billion.
The sale would come almost 45 years after Texas oilman Autry Stephens started the company that would become Endeavor.
Endeavor’s operations span 350,000 net acres (1,416 square kilometers) in the Midland portion of the Permian shale basin that straddles West Texas and eastern New Mexico.