Diamondback acquires Endeavor Energy as consolidation in the oil sector remains steady on the stock exchange

Record Highs and Mergers: A Look at Wall Street’s Latest Events

On Wall Street, the stock indices opened near zero and made an effort to rise slightly during the first half hour. The broad S&P 500, which reached a new record high on Friday, was up 0.03 percent. The index exceeded 5000 points for the first time in its history and closed at 5026.58 points.

In other news, Diamondback Energy announced that it will buy its competitor Endeavor Energy Resources with $26 billion in cash and stock. This acquisition will make Diamondback the largest operator in the traditional Texas oil production area of the Permian Basin, with its share price increasing more than seven percent a moment ago.

The consolidation trend continues in the oil industry as companies seek to acquire drilling areas and cut costs. In recent months, Exxon Mobil bought Pioneer Resources for about $60 billion, Chevron Corporation acquired Hess Corpination for $53 billion euros, and Occidental Petroleum bought CrownRock for about $10.8 billion.

The earnings season is also ongoing on Wall Street as Coca-Cola will announce its October-January results and last year’s financial statements tomorrow. Additionally, macro figures will be released when the country’s inflation figures for January are published in the United States on Tuesday.

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